A leveling valve includes an actuator arm that rotates due to a restoring force of a buffer spring, and a connecting valve that is opened by the actuator arm against air pressure. The connecting valve includes a first valve body that is opened by being pressed by the actuator arm, a second valve body from/on which the first valve body is separated/seated, a sleeve from/on which the second valve body is separated/seated, and an engaging portion that is provided to the second valve body and engages with the first valve body when the first valve body has moved by a predetermined distance after the first valve body is opened. A pressure receiving area of the second valve body is larger than a pressure receiving area of the first valve body.