A capacity control valve comprising: a valve housing provided with a discharge port through which a discharge fluid of discharge pressure passes, a suction port through which a suction fluid of suction pressure passes, and a control port through which a control fluid of control pressure passes; a rod driven by a solenoid; a main valve constituted by a main valve seat and a main valve element, the main valve configured to open and close a communication between the discharge port and the control port in accordance with a movement of the rod; a CS communication passage providing a communication between a control fluid supply chamber and the suction port, the control fluid supply chamber being formed in the valve housing and having the control fluid supplied thereinto; and an on-off valve including a communication passage forming member provided with an annular valve seat in an outer periphery of the CS communication passage and an on-off valve element biased in a valve closing direction of the on-off valve toward the annular valve seat, characterized in that the on-off valve element further includes a cap having an annular flat seal face and configured for seating on and separating from the valve seat, and a bellows core provided with an axial end portion welded to an outer peripheral end portion of the cap, the seal face and a surface formed to be flush with the seal face on an inner diameter side of the seal face correctively form one continuous flat surface, a recessed portion that houses a welding bead formed between the bellows core and the cap is provided in the outer peripheral end portion of the cap, and all the welding bead is located on a side of the bellows core with respect to the seal face in an axial direction. a valve housing provided with a discharge port through which a discharge fluid of discharge pressure passes, a suction port through which a suction fluid of suction pressure passes, and a control port through which a control fluid of control pressure passes; a rod driven by a solenoid; a main valve constituted by a main valve seat and a main valve element, the main valve configured to open and close a communication between the discharge port and the control port in accordance with a movement of the rod; a CS communication passage providing a communication between a control fluid supply chamber and the suction port, the control fluid supply chamber being formed in the valve housing and having the control fluid supplied thereinto; and an on-off valve including a communication passage forming member provided with an annular valve seat in an outer periphery of the CS communication passage and an on-off valve element biased in a valve closing direction of the on-off valve toward the annular valve seat, characterized in that the on-off valve element further includes a cap having an annular flat seal face and configured for seating on and separating from the valve seat, and a bellows core provided with an axial end portion welded to an outer peripheral end portion of the cap, the seal face and a surface formed to be flush with the seal face on an inner diameter side of the seal face correctively form one continuous flat surface, a recessed portion that houses a welding bead formed between the bellows core and the cap is provided in the outer peripheral end portion of the cap, and all the welding bead is located on a side of the bellows core with respect to the seal face in an axial direction.