A damping valve includes: a ring-shaped leaf valve having either one of an outer circumference and an inner circumference as a free end, the free end being allowed to be deflected toward both sides in the axial direction; a ring-shaped opposing portion that opposes the free end of the leaf valve with a gap; a first sub leaf valve stacked on one side of the leaf valve in the axial direction; and a first passage formed in the leaf valve so as to extend in parallel with the gap, the first passage being configured to be opened when the leaf valve is deflected in the direction away from the first sub leaf valve.