To provide a damping valve capable of producing a stable damping force in a shock absorber by suppressing the oscillation of a valve body.

A damping valve 1 includes a valve hole 3 equipped with an annular valve seat 4, a valve body 5 inserted into the valve hole 3 to be axially movable, a spring seat 10 secured in the valve hole 3, and a coil spring 6 interposed between the valve body 5 and the spring seat 10. A tubular collar 7 is housed in the valve hole 3 to store the valve body 5 inside so that an annular gap A which communicates with a port 11 is formed together with the inner periphery of the valve hole. The collar 7 includes a through-hole 7e which faces radially the outer periphery of the valve body 5. The through-hole 7e and the valve body 5 form a variable throttle. The separation between the valve body 5 and the annular valve seat 4 increases a flow path area of the variable throttle.