To solve the problem that operation near the switching preset pressure becomes unstable in the case where the smooth movement of a sub-spool is obstructed by fluid force produced by oil flowing out of a restriction in switching from the regenerative state to the regeneration cut state.

A return oil inlet part 8 for introducing return oil from a rod side oil chamber R is provided in a main body spool 1, and the sub-spool 5 is provided with a return oil passage 7 for supplying the return oil from the return oil inlet part 8 as regenerating oil to the head side oil chamber H. The restriction 11 for releasing the return oil in the return oil passage 7 is provided between the sub-spool 5 and the main body spool 1, and the return oil inlet part 8 of the sub-spool 5 is provided with a fluid force canceling member 14 for producing fluid force substantially equal to the fluid force produced in opening the restriction 11 in the reverse direction, thereby producing the fluid force in the reverse direction of the fluid force produced in opening the restriction 11 to cancel the fluid force.