To provide an expansion valve capable of easily and surely positioning an orifice in a valve body.

The orifice 40, a valve element 30 and a spring 34 are disposed in a bottomed hole 36 formed on the valve body 2. A projecting portion 52 formed on the valve body 2 is engaged with a recessed portion 50 like an annular groove formed on the orifice 40, thus the orifice 40 press-fitted into the bottomed hole 36 can be prevented from slipping off in a valve operation shaft direction, and can be surely positioned. By positioning the orifice 40 in the bottomed hole 36, the spring 34 energizing the valve element 30 toward the orifice 40 is controlled to have a desired spring force according to a position of the orifice 40.

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