A damping valve includes: a valve disc having a port a shaft member provided in the valve disc; an annular leaf valve that is attached to an outer periphery of the shaft member so as to be adjacent to the valve disc; a main valve provided on the outer periphery of the shaft member to be free to move in the axial direction; and an annular plate spring that biases the leaf valve toward the valve disc side. The main valve includes a spring supporting portion that contacts an end surface of the leaf valve and supports a valve disc side end portion of the plate spring, and a tubular collar that extends in the axial direction, and is provided to be free to move in the axial direction relative to the shaft member. The plate spring is attached to an outer periphery of the collar.