In a shift-shock reducing apparatus of a power train employing an engine and an automatic transmission, an engine controller executes engine-torque correction for canceling an inertia torque generated owing to a change in transmission input speed during a shift, for shift-shock reduction. A transmission controller includes a shift-speed correction circuit for compensating for a shift speed of the automatic transmission depending on engine load, so as to effectively suppress the generated inertia torque, thereby aimfully reducing or suppressing shift shocks.