A hydraulic drive system (1) including a meter-in compensator (37) and a bleed-off compensator (42) comprises a plurality of sensors (64 to 68), a controller (62), and an outlet pressure switching valve (61). The controller (62) determines whether or not the state of a wheel loader (2) which is detected based on the signals output from the sensors (64 to 68) meets a predetermined steering limiting condition. When the controller (62) determines that the state of the wheel loader (2) meets the steering limiting condition, it outputs a command signal to the outlet pressure switching valve (61). The outlet pressure switching valve (61) reduces the flow rate of the hydraulic oil flowing to steering cylinders (18L, 18R), in response to the command signal in such a manner that the flow rate becomes lower than that corresponding to the operation amount of a handle of a steering device (35).