TZD series multistage depressurized sleeve regulating valve applies sleeve guiding, pressure balanced valve spool. It designs a multistage depressurizing internal with several different depressurized cages according to the different specifications. Based on different conditions, the specially designed cage can avoid valve’s flashing and cavitation. Medium is throttled when contacting the first cage, and the high differential pressure is gradually reduced by several throttling, so it ensures that medium’s pressure is always higher than its saturated vapor pressure when it flows inside valve. By this means, the possibility of flashing and cavitation is eliminated, and the life-time of regulating valve in severe condition is prolonged. This type of regulating valve is mainly applied in conditions when it has big differential pressure, and flash and cavitation are easily happened.