The invention provides an adjusting valve labyrinth disc combined structure with a guide sleeve. The structure comprises the guide sleeve, and a plurality of adjusting labyrinth type discs are stacked outside the guide sleeve in a sleeving manner. The adjacent adjusting labyrinth type discs are fixed through cooperation of concave grooves and convex grooves. Sleeve grooves allowing fluid to flow are formed in the positions, flush with the position of labyrinth flow channels on the mounted adjusting labyrinth type discs, of the guide sleeve, and through flow holes are formed in the sleeve grooves. The discs are directly restrained and fixed through the self structures and the guide sleeve, the processing and assembling process is simplified, and cost is reduced. The discs are movably restrained, only the damaged discs are replaced in the repair process, and the repair cost is reduced. Hard alloy is overlaid or sprayed to the inner wall of the sleeve, and the overall service life of a valve element assembling part is prolonged. On the premise of guaranteeing that that the adjusting labyrinth type disc assembling part meets flow performance, the assembly precision is improved, the valve production efficiency is improved, the service life of the assembling part is prolonged, and the production and repair cost is reduced.