A hydraulic control device for a forklift includes a hydraulic pump, a single electric motor for driving the hydraulic pump, an outflow control mechanism provided between a lift cylinder and the hydraulic pump, a flow control valve provided between the outflow control mechanism and a draining portion, and a controller. When a lowering operation of a fork and either forward or rearward mast tilting operations of a mast are performed at the same time, the controller controls the electric motor based on a target speed of the hydraulic pump. The flow control valve controls the flow rate of hydraulic fluid from the lift cylinder to the hydraulic pump and the flow rate from the lift cylinder to the draining portion in accordance with the difference between the actual rotation speed of the hydraulic pump and the target rotation speed of the hydraulic pump.