PURPOSE: To prevent overshoot of an oil pressure during the starting of the feed of an oil pressure, by a method wherein a large second spool is situated in a valve hole, formed coaxially with a valve hole in which a first spool is inserted, in a manner to be pressed against the first spool side, and when no feed pressure is produced, the spool of a pressure reducing valve is held in a state to approach a pressure regulating position.

CONSTITUTION: First and second spools 10 and 12 are inserted in a valve hole, and are alternately pressed through the forces of springs 14 and 16. The size of the land of the spool 12 is set to a value higher than that of a land 10a of the spool 10, and the set force of the spring 16 is set to a value higher than that of the spring 14. When no feed pressure is exerted on a feed pressure oil passage 38, the second spool 12 is brought into contact with a wall 18 and stopped through the force of the spring 16, and the spool 10 is brought into contact with and is stopped at the stop position of the second spool through the low force of the spring 14. In this case, the land 10a is situated in a position where a port 24 of the oil passage 38 is slightly opened. This constitution immediately starts a pressure reducing action by means of the first spool 10, and prevents the occurrence of overshoot.