A damping valve includes a valve disk, a retainer, an inner peripheral side flow passage configured to include a valve disk through hole formed in an inner peripheral side of the valve disk and a retainer through hole formed in the retainer and allowing communication between one and other chambers, an outer peripheral side flow passage formed in an outer peripheral side of the valve disk and allowing communication between the one and the other chambers, and a leaf valve in the form of an annular plate arranged on a side of the retainer opposite to the valve disk and configured to openably close the inner peripheral side flow passage by an outer peripheral part. A flow passage area of the retainer through hole is not smaller than that of the valve disk through hole.