A pressure compensation valve is capable of distributing of an output pressurized fluid of single pressurized fluid supply source to a plurality of hydraulic loads. The pressure compensation valve is constructed with a check valve portion formed by providing, in a valve body, a valve for establishing and blocking communication between an inlet port and an outlet port, and a pressure reduction valve formed by providing, in the valve body, a spool establishing communication between a second port and a third port by a pressure in a first pressure chamber communicating with a first port and blocking communication between the second port and the third port by a pressure in a second pressure chamber communicating with the third port. The spool is biased in a direction for blocking communication between the second port and the third port by a spring while contacting the valve.