The invention discloses an inflation/deflation valve assembly for a central tire inflation/deflation system of an automobile and relates to tire inflation/deflation technology of a vehicle. The inflation/deflation valve assembly comprises an inflation valve cover, a hexagon lobular socket head cap screw, a spring washer, an inflation/deflation valve body, a deflation solenoid valve cover, a hexagon socket tapered screw plug, a first steel ball, a gasket, a diaphragm, a first spring, an O-ring, a second steel ball, a curved single coil spring lock washer, a solenoid valve assembly, a dust-proof cushion, a second spring and a slotted screw plug. The inflation/deflation valve assembly has the advantages of big air passage size, high inflation/deflation speed, compact structure, small volume and convenient assembly, and is applicable to a driving state or a parking state of the vehicle, so that a driver can perform inflation, an deflation or pressure measurement on the tires of the vehicle through simple operation in a driving cab so as to regulate the pressure of the tire; and therefore, the capacity of the tires or the vehicle for passing complex road surfaces, such as desert, muddy road surfaces or snowy and icy road surfaces and the like is improved, and the maneuverability and the viability of the vehicle are improved.