The invention discloses a flow regulating valve which is simple, practical and convenient to regulate. The flow regulating valve comprises a valve block with a through hole, wherein an inner cavity of a valve body is divided into a first cavity chamber and a second cavity chamber by the valve block, a valve plug body in the first cavity chamber is connected with a pulling rod, the pulling rod stretches out of the first cavity chamber, the pulling rod in the first cavity chamber is sleeved with a spring, under the elastic action of the spring, the conical head of a valve plug is jammed in the through hole, the pulling rod outside the first cavity chamber is connected with an adjusting rod, an arc-shaped graduated disc and an adjusting disc are arranged inside the adjusting rod, adjusting bolts in bolt holes in the adjusting disc stretch out of the bolt holes and abut against the arc-shaped graduated disc, the abutting-against length is successively increased along the arc-shaped circumference of the arc-shaped graduated disc, a pressing wheel is arranged between the adjusting rod and the arc-shaped graduated disc, the adjusting rod is rotated in the direction of the abutting-against length continuous increasing of the adjusting bolts to drive the pressing wheel to press the arc-shaped graduated disc in a rolling mode, and the conical head of the valve plug can be driven to gradually get away from the through hole to enable the heavy oil flow to be increased.