An improved syrup dispenser and valve assembly are provided for dispensing a liquid, such as a flavor syrup in a soft drink dispenser station or the like. The valve assembly comprises a compact base member adapted to mount directly into the neck of a flavor syrup bottle, in combination with a movable valve member mounted thereon and cooperating therewith to define a syrup dispense port and an air vent port. The bottle is designed for inverted installation into the dispenser station with the bottle neck seated within a station support socket, and with the valve member operatively engaged by a station actuator. The station actuator displaces the valve member between a first position closing the syrup dispense and air vent ports, and a second position opening both of said ports to permit gravity syrup outflow with the dispensed syrup volume being replaced by air inflow into the bottle.