A change-over valve comprises a spool housed in a spool housing, and a pilot chamber facing at least an end of the spool. An axial passage is formed in the spool along the axial direction. While being connected to a pilot chamber, the axial passage communicates with a tank passage via a small hole having an opening on an outer periphery of the spool in accordance with displacement of the spool, to discharge the air in the pilot chamber to the tank passage. Since the axial passage is formed at a location offset from a center axis of the spool, a length of the small hole is shortened and the small hole is easily processed.