The invention concerns a valve arrangement for controlling a hydraulic drive having a first working connection (A) and a second working connection (B), and being connectable with or separable from a pressure source (P), the supply and the outflow of the hydraulic drive being separately controllable. It is endeavoured to improve the energetic efficiency of the valve arrangement. For this purpose, the first working connection (A) is connected with a first control valve and the second working connection (B) is connected with a second control valve, the first and the second control valves being connected with each other and with a third control valve, which is connected with a tank.