The invention discloses a regulating valve of an axial flow sleeve. The regulating valve of the axial flow sleeve comprises a split type valve body, a valve element, a guide sleeve, a valve cage, a valve seat, a valve cylinder, a transmission valve rod and a driving valve rod, wherein the driving valve rod can enable the transmission valve rod to axially move inside the guide sleeve. An automatic valve cylinder aligning mechanism is arranged between the other end of the transmission valve rod and the valve cylinder, the automatic valve cylinder aligning mechanism comprises a center regulating sleeve and a center regulating ring, the center regulating sleeve and the center regulating ring are both supported on the transmission valve rod, and a moving groove with two sides closed is formed between the center regulating sleeve and the center regulating ring. A valve cylinder cover is fixedly connected on the valve cylinder, the valve cylinder is clamped inside the moving groove through the valve cover, and the valve cylinder can move on the axial direction and the radical direction of the transmission valve rod inside the moving groove through the valve cylinder cover. The valve cylinder and the valve cage of the regulating valve of the axial flow sleeve can regulate center automatically, the matching precision of the valve cylinder and the valve cage is improved, a jamming phenomenon is not prone to occurring, a service life is long, and reliability is high.