To provide a compact and inexpensive composite flow regulating valve that is suitable to mount to a water pipe, in which an amount of water passing through extremely fluctuates, as a flow regulating valve which is provided to a water transporting piping of water supply/sewage, industrial water, agricultural water, and water for hydraulic power generation or the like.

The composite valve, which is composed by connecting a sleeve valve and a butterfly valve, is provided with a cylindrical fixed sleeve in which a plurality of through holes are bored to the outer peripheral part and a movable sleeve in a coaxial cylindrical shape which slides on the outer face of the fixed sleeve in the upstream and downstream directions, and, the butterfly valve, which opens and closes an inlet part of the fixed sleeve, is provided to the inlet part of the fixed sleeve of the sleeve valve that is constituted so as to regulate flow by regulating an amount of the through holes in which fluid can be passed through by the movable sleeve.