A control valve (1, 201, 301) applicable to a variable displacement compressor having a suction chamber, a discharge chamber, and a control chamber, and having a discharge capacity varied by regulating a pressure (Pc) in the control chamber, the control valve comprising: a first valve provided between the discharge chamber and the control chamber, to control a flow rate of refrigerant flowing from the discharge chamber to the control chamber; a second valve provided between the control chamber and the suction chamber, to control a flow rate of the refrigerant flowing from the control chamber to the suction chamber; a solenoid (3, 203, 303) to generate a drive force in a closing direction of the first valve and an opening direction of the second valve depending on an amount of supplied current; a biasing member (42, 242) to generate a biasing force in an opening direction of the first valve and a closing direction of the second valve; a pressure sensing part to sense a pressure (Ps) in the suction chamber, and generate a counterforce against the drive force from the solenoid (3, 203, 303) depending on a magnitude of the sensed pressure; a body (5, 205, 305) having a first passage through which the discharge chamber and the control chamber communicate with each other, a second passage through which the control chamber and the suction chamber communicate with each other, a first valve hole formed in the first passage, and a second valve hole formed in the second passage; a first valve element (30, 230, 330) that regulates the opening degree of the first valve by moving toward and away from the first valve hole; a second valve element (36, 236, 336) that regulates an opening degree of the second valve by moving toward and away from the second valve hole; an actuating rod (38, 238) to transmit the drive force from the solenoid (3, 203, 303) to the first and second valve elements (30, 230, 330; 36, 236, 336); characterized in that the second valve element (36, 236, 336) has a spool portion (112, 113, 114, 212) to be inserted into and removed from the second valve hole; wherein the control valve (1, 201, 301) has such control characteristics that a state in which both of the first valve and the second valve are open is present during a process in which the amount of current supplied to the solenoid (3, 203, 303) is increased from zero to an upper limit current value, and that an increase rate of an opening degree of the first valve is increased during a process in which the amount of current supplied to the solenoid (3, 203, 303) is decreased, a predetermined lower limit current value being an inflection point of the increase, and wherein the first valve element (30, 230, 330) and the second valve element (36, 236, 336) operate integrally in a state in which both the first valve and the second valve are open. a first valve provided between the discharge chamber and the control chamber, to control a flow rate of refrigerant flowing from the discharge chamber to the control chamber; a second valve provided between the control chamber and the suction chamber, to control a flow rate of the refrigerant flowing from the control chamber to the suction chamber; a solenoid (3, 203, 303) to generate a drive force in a closing direction of the first valve and an opening direction of the second valve depending on an amount of supplied current; a biasing member (42, 242) to generate a biasing force in an opening direction of the first valve and a closing direction of the second valve; a pressure sensing part to sense a pressure (Ps) in the suction chamber, and generate a counterforce against the drive force from the solenoid (3, 203, 303) depending on a magnitude of the sensed pressure; a body (5, 205, 305) having a first passage through which the discharge chamber and the control chamber communicate with each other, a second passage through which the control chamber and the suction chamber communicate with each other, a first valve hole formed in the first passage, and a second valve hole formed in the second passage; a first valve element (30, 230, 330) that regulates the opening degree of the first valve by moving toward and away from the first valve hole; a second valve element (36, 236, 336) that regulates an opening degree of the second valve by moving toward and away from the second valve hole; an actuating rod (38, 238) to transmit the drive force from the solenoid (3, 203, 303) to the first and second valve elements (30, 230, 330; 36, 236, 336); characterized in that the second valve element (36, 236, 336) has a spool portion (112, 113, 114, 212) to be inserted into and removed from the second valve hole; wherein the control valve (1, 201, 301) has such control characteristics that a state in which both of the first valve and the second valve are open is present during a process in which the amount of current supplied to the solenoid (3, 203, 303) is increased from zero to an upper limit current value, and that an increase rate of an opening degree of the first valve is increased during a process in which the amount of current supplied to the solenoid (3, 203, 303) is decreased, a predetermined lower limit current value being an inflection point of the increase, and wherein the first valve element (30, 230, 330) and the second valve element (36, 236, 336) operate integrally in a state in which both the first valve and the second valve are open.