A branching circuit includes a transmission filter and a reception filter. The transmission filter is connected between a transmission signal input terminal and an antenna connection terminal. The reception filter is connected between the antenna connection terminal and a reception signal output terminal in series together with a first phase shift circuit and a second phase shift circuit. A first amplitude adjustment circuit and a second amplitude adjustment circuit are connected in series between the antenna connection terminal and the reception signal output terminal. A junction point between the first amplitude adjustment circuit and the second amplitude adjustment circuit is connected to a junction point between the first phase shift circuit and the second phase shift circuit. The first and second phase shift circuits adjust the phase of a transmission signal that leaks to the reception side and that is to be canceled out. The first and second amplitude adjustment circuits adjust the amplitude of the transmission signal that is to be canceled out.