The invention discloses a hydraulic retarder. The hydraulic retarder comprises a hydraulic retarder shell, an oil storage tank, a stator, a rotor and a heat exchanger, wherein the oil storage tank, the stator and the rotor are all arranged in the hydraulic retarder shell, and the heat exchanger is fixedly arranged outside the hydraulic retarder shell; oil inlet holes a and oil outlet holes are arranged on the stator and along the periphery of the stator; and a second oil inlet channel is internally provided with a check valve, the check valve comprises a piston, a spring, a piston guide hole and an oil discharge groove, one end of the piston is pressed at the end part of the heat exchanger shell to block an oil inlet, the other end of the piston extends into the piston guide hole to be matched with the piston guide hole in a sliding mode, the spring is sheathed on the piston, one end of the spring is pressed on the piston, the other end of the spring is pressed on the hydraulic retarder shell, and the piston guide hole is communicated with an oil outlet by the oil discharge groove. When oil in the piston guide hole is compressed by the piston, the oil is discharged by the oil discharge groove, so that the counter-acting force is not generated to the piston to block the movement of the piston, the oil feeding speed of the retarder is enhanced, and the response time of the retarder is improved.