A bicycle suspension system is provided with a damping unit and a damping control unit to control movement of upper and lower telescopically connected tubes. A damping force adjustment valve selectively adjusts a fluid flow rate of fluid passed a damping piston. The damping piston has a fluid flow port that is axially spaced with respect to a fluid flow passage of a damping lockout mechanism such that a flow path is formed in an axial direction by the fluid flow port of the damping piston and the fluid flow passage of the damping lockout mechanism when the damping lockout mechanism is in a non-lockout mode. A first actuating member operates the damping force adjustment valve and a second actuating member operates the damping lockout mechanism such that the damping force adjustment valve remains in a set position when the second actuating member is being operated.