The invention discloses a down-hole gas lift valve which comprises a shell. The shell is internally provided with a regulating cavity, an air inlet cavity and a transition cavity. An air bag is mounted in the regulating cavity which communicates with the air inlet cavity through an air hole, and the air inlet cavity communicates with the transition cavity through a small hole. Communication holes are formed in the two sides of the air inlet cavity, and an ejector rod is arranged in the middle of the air inlet cavity. The vertical section of the ejector rod is sleeved with a return spring, and the top of the vertical section of the ejector rod penetrates through the air hole and then extends upwards to be connected with the bottom of the air bag. A first ball is arranged at the bottom of the horizontal section of the ejector rod. A gasket is arranged on the inner wall of the air inlet cavity, and a sealing hole coaxial with the small hole is formed in the middle of the gasket. In order to solve the problem that during gas-lift oil extraction in the prior art, the oil extraction efficiency is lowered due to inaccurate adjustment of high-pressure airflow, the different cavities are arranged so as to achieve linkage control over the high-pressure airflow, the high-pressure airflow is made to flow between a casing and an oil tube more smoothly, adjustment is more accurate, and thus gas-life oil extraction efficiency is improved.