A supercooling degree control type expansion valve which is capable of preventing seizure of a compressor when the compressor is at a low load condition. A valve seat is integrally formed with a body, in a refrigerant passage through which refrigerant flows via a strainer, and a valve element arranged in a manner opposed to the valve seat and urged by a spring from the downstream side of the refrigerant passage so as to be seated onto the valve seat, whereby a differential pressure regulating valve is constructed. A spring-receiving member is fitted in a downstream end of the body, and the spring-receiving member is formed with a restriction passage. The valve element has an oil passage formed therethrough, and even when the differential pressure regulating valve is closed during low load operation of the compressor, it is possible to cause the refrigerant to flow at the minimum flow rate required via the oil passage. This makes it possible to return oil contained in the refrigerant to the compressor, whereby the seizure of the compressor can be prevented.