Abstract: A hydraulic shock absorber comprising a cylinder containing a working oil; a piston received in a slidable manner in the cylinder and formed with a communication passage for generating a damping force, a piston rod protruding from one end of the cylinder; a valve chamber formed at the other end of the cylinder in fluid communication with the inside of the cylinder; an oil tank having an oil port for communication with the valve chamber; a disc-shaped valve arranged in the valve chamber and formed with a plurality of oil holes which have different effective areas and which can selectively be brought to face the oil port which communicates with the valve chamber and oil tank when the disc-shaped valve is turned. The disc-shaped valve is preferably mounted slidably but non-rotatably upon a valve stem. A coil spring is preferably provided to urge the disc-shaped valve against the valve chamber.