An expansion valve for throttling and expanding a refrigerant flowing from an upstream side and supplying the expanded refrigerant to an evaporator and for sensing a pressure and a temperature of the refrigerant returning from the evaporator to control an opening degree of a valve section, the expansion valve comprising: a body having a first passage through which the refrigerant flowing from the upstream side toward the evaporator passes, a second passage through which the refrigerant returning from the evaporator passes, a valve hole formed in the first passage, and a mounting hole communicating with the second passage; a valve element that moves toward and away from the valve hole to adjust an opening degree of the valve section; a power element (3, 203) having a housing mounted on the body in such a manner as to close the mounting hole, a diaphragm partitioning an inside of the housing into a closed space in which a temperature sensing medium is sealed and an open space communicating with the second passage, and a disc located in the open space in contact with the diaphragm; a shaft extending through a partition between the first passage and the second passage, having a first end connected to the diaphragm through the disc and a second end connected to the valve element, and being configured to transmit a drive force in an axial direction to the valve element, the drive force being generated by displacement of the diaphragm; and an inflow regulating part (31, 231, 331) that separates the open space from the second passage, has an insertion hole, through which the shaft extends, coaxially along a central axis of the inflow regulating part (31, 231, 331), and limits a flow of the refrigerant from the second passage into the open space to a flow through a clearance between the shaft and the insertion hole, wherein the insertion hole is formed such that an opening area of the clearance between the shaft and the insertion hole is 7.0 mm 2 or smaller, characterized in that the inflow regulating part (31, 231, 331) is constituted by a shield member (31, 231, 331) located between the body and the housing and prevented from dropping off from the mounting hole. a body having a first passage through which the refrigerant flowing from the upstream side toward the evaporator passes, a second passage through which the refrigerant returning from the evaporator passes, a valve hole formed in the first passage, and a mounting hole communicating with the second passage; a valve element that moves toward and away from the valve hole to adjust an opening degree of the valve section; a power element (3, 203) having a housing mounted on the body in such a manner as to close the mounting hole, a diaphragm partitioning an inside of the housing into a closed space in which a temperature sensing medium is sealed and an open space communicating with the second passage, and a disc located in the open space in contact with the diaphragm; a shaft extending through a partition between the first passage and the second passage, having a first end connected to the diaphragm through the disc and a second end connected to the valve element, and being configured to transmit a drive force in an axial direction to the valve element, the drive force being generated by displacement of the diaphragm; and an inflow regulating part (31, 231, 331) that separates the open space from the second passage, has an insertion hole, through which the shaft extends, coaxially along a central axis of the inflow regulating part (31, 231, 331), and limits a flow of the refrigerant from the second passage into the open space to a flow through a clearance between the shaft and the insertion hole, wherein the insertion hole is formed such that an opening area of the clearance between the shaft and the insertion hole is 7.0 mm 2 or smaller, characterized in that the inflow regulating part (31, 231, 331) is constituted by a shield member (31, 231, 331) located between the body and the housing and prevented from dropping off from the mounting hole.