A counterbalance valve including a spool (62) divided into two spool pieces (63, 64) at its axial center, return springs (71, 72) for urging the spool pieces inwardly along the axial direction toward their innermost positions, a first passage (90) for introducing an inside pressure in a supply and exhaust passage (48) to an outermost end of the spool piece (63), a second passage (91) for introducing an inside pressure in the supply and exhaust passage (49) to an outermost end of the spool piece (64), a pressure selecting member (88) for selecting higher inside pressure among the inside pressures in the supply and exhaust passages (48, 49) and for introducing the selected pressure via a choke (87) to a pressure chamber (73) formed between the spool pieces (63, 64), and a communicating passage (95) formed for communicating the supply and exhaust passages (48, 49) with each other when both the spool pieces (63, 64) are moved outwardly in the axial direction from the innermost positions due to fluid in the pressure chamber (73).