To provide a pressure regulating valve 40 that can easily and efficiently change a pressure regulation value.

First and second orifice passages 43, 44 are provided parallel between an insert-fitting hole 47 and a discharge passage 42 which is a pressure regulated part, and respectively equipped with first and second orifices 50, 51. A spindle 55 is insert-fitted in an axially displaceable manner, into the insert- fitting hole 47 and changed in the axial position by a worker. The spindle 55 connects only the first orifice passage to a spill port 48 in the first axial position and connects both the first and second orifice passages 43, 44 to the spill port 48 in the second axial position. The changeover to two pressure regulation values can thus be simplified.