A hydraulic control system for an automatic transmission to establish a predetermined stage by applying a first frictional engagement element and releasing a second frictional engagement element, comprising: a first hydraulic servo for actuating the first frictional engagement element; a second hydraulic servo for actuating the second frictional engagement element; change-over means for switching the feed of an oil pressure to the first hydraulic servo; signal pressure generating means for generating a signal pressure; and a pressure regulator valve for regulating the pressure to be fed to the second hydraulic servo. The pressure regulator valve includes: a first valve member having a first pressure receiving area to be fed with the signal pressure in one direction; a second valve member arranged coaxially with the first valve member and adapted to come into abutment against the first valve member in the other direction, the second valve member having a second pressure receiving area to be fed with the oil pressure to the first hydraulic servo in the other direction, when the oil pressure is fed by the change-over means; and bias means so disposed at the side of the second valve member axially opposed to the first valve member as to bias the second valve member into abutment against the first valve member.