To intend to enhance noise eliminating performance of an expansion valve mounted on a car air conditioner or others.

A valve body 10 of an expansion valve 1 has a valve chamber 20 into which high pressure refrigerant is introduced, a valve seat 32, an orifice 50, an exit passage 52 of the refrigerant going to an evaporator, and a returning passage 60 of the refrigerant returning from the evaporator to a compressor. A power element 70 drives a valve member 30 via an operating rod 82 corresponding to a pressure and a temperature of the refrigerant in the returning passage 60. Two throttle members 100, 110 are arranged in the exit opening 52 of the valve body 10. Bubbles are finely divided and noise eliminating performance is enhanced by muffler effect when the refrigerant passes through throttle holes 102, 112.