Provided is a hydraulic drive system for a work machine configured with a single solenoid proportional valve for a regeneration circuit, wherein substantially the same actuator speed can be secured irrespective of whether or not hydraulic fluid discharged from a hydraulic actuator is regenerated for driving of another hydraulic actuator. The hydraulic drive system includes: a regeneration line that connects a bottom-side hydraulic chamber of a hydraulic cylinder 4 to a portion between a hydraulic pump device 50 and a second hydraulic actuator 8, and a regeneration flow rate adjustment device that supplies, at an adjusted flow rate, at least part of the discharged hydraulic fluid to a portion between the hydraulic pump device 50 and the second hydraulic actuator; a discharge flow rate adjustment device that discharges, at an adjusted flow rate, the discharged hydraulic fluid to a tank; one electric drive device 22 that simultaneously controls the regeneration flow rate adjustment device and the discharge flow rate adjustment device; and a control unit 27 that outputs a control command to the electric drive device in such a manner that falling speed of a first driven body does not vary significantly, irrespective of the magnitude of the regeneration flow rate caused by the regeneration flow rate adjustment device.