To adjust the load of a spring without changing a valve seat position in an expansion valve in which the spring for adjusting a set value is arranged on the power element side of a valve part.

A valve body 10 on the connected side of a valve seat member 11 is composed of leg parts of strip shape, and the load of the spring 27 arranged in the valve body 10 is adjusted by an adjusting member 12. The adjusting member 12 is integrally formed of a ring-like spring receiving part arranged in the valve body 10 to receive one end of the spring 27, a cylindrical base part frictionally engaged with the leg parts of the valve body 10, and a plurality of connection parts for connecting these parts through slits between the leg parts. The cylindrical base part of the adjusting member 12 is moved and adjusted in the axial direction of the valve body 10, and the axial direction position of the spring receiving part in the valve body 10 is changed with the movement adjustment to adjust the spring load of the spring 27 to thereby adjust the set value of the expansion valve 1.