The present disclosure is directed to a braking system for a work vehicle having hydraulically-actuated brakes. The braking system includes a primary release valve, a secondary release valve, and at least one braking mechanism having one or more brake springs. The braking mechanism(s) is hydraulically coupled to the primary release valve and the secondary release valve via one or more hydraulic lines. As such, during full-power operation of the work vehicle, when the brakes are to be released, the primary release valve is energized so as to overcome a valve biasing spring, thereby shifting the primary release valve so as to direct pressurized hydraulic fluid to the braking mechanism(s). Further, when the brakes are to be applied, the primary release valve is inactive so as to allow the hydraulic fluid to flow away from the braking mechanism(s) to a primary reservoir such that the one or more brake springs compress the braking mechanism(s). Alternatively, when power is lost to the work vehicle, the secondary release valve bypasses the primary release valve and directs pressurized hydraulic fluid to the braking mechanism(s) to release the brakes.