To provide a capacity control valve for a variable displacement compressor of a Pd-Ps differential pressure-controlled type, which suppresses overshooting of the differential pressure between the discharge pressure Pd and the suction pressure Ps which can occur when the differential pressure is changed in response to a stepwise change in the solenoid current. The capacity control valve includes a valve section having a Pd-Pc valve for control of the flow rate of refrigerant flowing from a discharge chamber to a crankcase and a Pc-Ps valve for control of the flow rate of refrigerant flowing from the crankcase to a suction chamber operating in a manner interlocked with the Pd-Pc valve. A spool valve element is provided on a valve element of the Pc-Ps valve, whereby in a stroke region where the Pd-Pc valve is toward the fully-closed position, refrigerant is allowed to pass through the clearance between the spool valve element and the valve hole of the Pc-Ps valve, to cause the Pc-Ps valve to have a characteristic that the opening area thereof does not change in response to a change in stroke. This makes it possible to suppress sharp changes in the pressure Pc in the crankcase due to the existence of the clearance, even if the solenoid current is stepwise sharply changed.