A hydraulic shock absorber includes a cylinder, a piston ring, a first valve seat forming an extension side oil path, a first valve opening and closing the extension side oil path, a second valve seat forming an inner-side channel through which oil flows separately from a flow of the oil causing the first valve to open the extension side oil path, a second valve opening and closing the inner-side channel, a spool provided to press the second valve toward the inner-side channel, a base member holding the spool, and an axially-movable free piston forming a back pressure chamber communicating with the inner-side channel and that houses the oil between the spool and the base member.