In a hydraulic shock absorber, upper and lower pistons forming upper and lower two stages are fixed to a leading end portion of a piston rod. An intermediate oil chamber is provided between the upper and lower pistons. An intermediate air chamber is provided in such a manner as to compensate an oil amount change in an oil chamber by coming into contact with the intermediate oil chamber and expanding and compressing on the basis of the oil amount change of the oil chamber caused by an extension and compression stroke of the piston rod, and an air compression rate of an upper portion air chamber of the oil reservoir chamber is set to be equal to or more than an air compression rate of the intermediate air chamber, with respect to the extension and compression stroke of the piston rod.