The invention relates to a movable arm maintaining valve used for hydraulic excavators, which is installed between the bottom of a movable arm hydraulic cylinder and a movable arm control valve of a hydraulic excavator and mainly used for controlling the lifting, maintaining and descending of a movable arm. The movable arm maintaining valve comprises a valve block (1) opened therein with a first valve opening and a second valve opening and provided thereon with an overflow valve (44), wherein a piston (4), a valve stem (6), a left spring holder I (8), a spring I (9), a right spring holder (11) and a maintaining valve (14) are sequentially arranged inside the first valve opening from the left to the right, a core I (20) of the maintaining valve (14) is connected with the valve stem (6), the valve opening site where the valve stem (6) locates communicates with the overflow valve (44), a left spring holder II (29), a spring III (28), a right spring holder II (26) and a non-return valve (23) are sequentially arranged at the right side from the left to the right, the core II (25) of the non-return valve (23) are matched with the inner hole of the right spring holder II (26), and the left side of the second valve opening communicates with the rodless cavity of the movable arm hydraulic cylinder of the hydraulic excavator. The inventive movable arm maintaining valve can remarkably reduce the sinkage of the movable arm, so as to be safer and more reliable.