The invention concerns a valve arrangement for controlling a hydraulic drive, the supply to and the outflow from the hydraulic drive being separately controllable. It is endeavoured to realise separate controls of the speed and the hydraulic pressure of the hydraulic drive. For this purpose, a pump pipe is connected with a first control valve, the first control valve is connected through a pipe with a first working connection and a second working connection of the hydraulic drive, and the first working connection is connected with a second control valve and the second working connection is connected with a third control valve, the second control valve and the third control valve opening into a tank (T).