The invention discloses a throttle valve. The throttle valve comprises a valve body with a liquid inlet and a liquid outlet, a left end cap and a right end cap are arranged at the two ends of the valve body respectively, the valve body is internally provided with a liquid inlet chamber communicated with the liquid inlet and a liquid outlet chamber communicated with the liquid outlet, and a valve port of a valve seat is of a two-stage step structure; the liquid outlet chamber is internally provided with an internal valve element and an external valve element which are each provided with an inner hole, the two inner holes are formed oppositely to form a middle cavity which is internally provided with a spring, and the two ends of the spring are connected with the internal valve element and the external valve element through spring seats respectively. According to the throttle valve, the valve port of the valve seat is of the two-stage step structure, when liquid pressure is small and cannot overcome an elastic force of the spring, a first-stage throttle orifice is closed, the throttle valve is equivalent to a first-stage throttle valve, when the liquid pressure exceeds the elastic force of the spring, the internal valve element slides in the direction from the inner hole of the external valve element to the external valve element, the first-stage throttle orifice is opened, a second-stage throttle orifice starts to work, and the throttle valve becomes the second throttle valve.