The present invention relates to a multi-stage regulating valve with a cylinder (1) and an adjusting piston (2) guided inside it to which a regulating pressure can be applied from one side and a return force, e.g. from a pressure spring (3), from the other, in which, depending on the regulating pressure, the piston (2) keeps at least one outlet aperture (41, 42) in the cylinder wall (11) closed or partly or fully opens it and thus closes off a connection to the side of the piston to which the regulating pressure is applied or partly or fully opens it via the outlet aperture (41, 42). To provide a multi-stage regulating valve with the above-mentioned features which can alter the regulating characteristics over a wide range depending on the position of the piston even without the use of several return components, the invention proposes that the piston (2) consist of at least two partial pistons (21, 22) to which the regulating pressure can be applied, where the force of the return component (3) can be applied to a first partial piston (21), whereby a follower (5) interconnects the partial pistons (21, 22) in such a way that a return force is exerted on the second partial piston (22) or other partial pistons via the first partial piston (21) and the follower, the cylinder (1) have at least one stop (6) for the second or other partial pistons (22) limiting the movement of the second or other partial pistons (22, 23) under the effect of the regulating pressure (P) and against the action of the return component (3), while the first partial piston (21) is unaffected by said stop (6) and remains movable against the return component (3) if the regulating pressure (P) increases further.