A power steering system which includes an engine-driven pump, a fluid motor for supplementing manual steering torque, a fluid control valve for distributing fluid to the fluid motor, and a reaction device for applying hydraulic reaction or feeling to a steering wheel. A first flow control valve is utilized to deliver first fluid flow to a fluid control valve from the pump and to lead excess flow to a bypass passage. A second flow control valve is connected between the bypass passage and the reaction device to deliver second fluid flow to the reaction device and to lead excess flow to a reservoir. A magnetic pressure control valve is connected to the reaction device to control fluid pressure applied thereto in accordance with a predetermined vehicle operating condition, such as vehicle speed.