PURPOSE: To provide an output circuit for semiconductor memory which can suppress generation of undershoot and overshoot of an output signal.

CONSTITUTION: When an output signal DOUT is transited from a high level (VCC-VTN level) to a low level (GND level), a countermeasure circuit 11 for undershoot transits the output signal DOUT from the high level to the (GND +VTN) level (access judging point) with high speed, and a N channel MOS transistor 111 is cut off at the access judging point. The output signal DOUT is transited with low speed by a N channel MOS transistor 101 of low capability from the access judging point to the final transition level (GND level). Therefore, degradatjon of speed and generation of noise can be prevented.