A flow control valve includes a valve body defining fluid inlet and outlet sections interconnected by a connecting port. A valve unit is disposed in the valve body and is operably connected to an actuator to be moved thereby for opening and closing the connecting port. The valve unit includes a valve element which has a bleed passage extending therethrough for communicating the fluid inlet and outlet sections with one another. A bleed piston is operably connected to the actuator and is movable thereby relative to the valve element for opening the bleed passage when the valve unit is in a port-closing position. The valve unit also includes a pressure balancing passage which communicates front and rear ends of the valve element with one another and tending to aid in statically and dynamically balancing the fluid pressures acting on the valve element.