A damping valve includes a valve seat member, a valve body, a back-pressure chamber, a pilot passage, and a pilot valve, wherein the pilot valve has a pilot valve seat member and a pilot valve body, the pilot valve seat member having an cylindrical valve container provided with a penetrating hole connecting the inside and the outside, the penetrating hole communicating with the port, and an annular pilot valve seat provided in an end of the valve container, and the pilot valve body having a large diameter portion, a small diameter portion slidably inserted into the valve container, and a concave portion provided between the large diameter portion and the small diameter portion to face the penetrating hole, and an end of the large diameter portion is seated on or unseated from the pilot valve seat to open or close the pilot passage.