An air eliminator valve for automatically collecting and venting air and other gases included in flowing liquid. The valve has a chamber in which air collects, a float in the chamber and a vent valve at the top operated by the float to vent the chamber when the liquid level falls. The vent valve has a convex or concave seat with apertures therein and is sealed by a flexible diaphragm which is peeled progressively from the seat to open the valve. The diaphragm may be annular and fixed at its outer periphery, being flexed by a coupling at its center, or may be fixed at the center and flexed by a coupling at its periphery.