A pipe coupling is configured such that when a male coupling member and a female coupling member are to be connected with each other, a valve disposed in the female coupling member is partly inserted into the male coupling member so as to come into press-contact with the valve in the male coupling member, and to cause displacement of the valves, to thereby open a fluid passage in the pipe coupling. An O-ring is provided on the interior surface of the male coupling member. A sleeve is arranged in a female coupling member such that a forward end portion of the sleeve is inserted into the male coupling member in such a manner that the outer surface of the forward end portion of the sleeve sealingly engages with the O-ring, while allowing the valves of the male and female coupling members abut against each other within the forward end portion of the sleeve.