The invention relates to a regulating valve with double valve seats. The regulating valve comprises a bottom cover, a valve core, a valve body, a sealing packing material, a packing material washer, a packing gland, an upper guide sleeve, a valve rod, a positioning pin, an upper valve seat, a lower valve seat and a connecting piece, wherein the valve body is a large valve cavity structure valve body with an upper valve seat insulating wall and a lower valve seat insulating wall; a double valve core structure of integrated same flow characteristic curve is adopted for the valve core; a double guide structure of two orientations at the upper guide sleeve and a valve body bottom part blank cap is adopted; balance holes are manufactured on the blank cap and the upper guide sleeve; and copper sleeves manufactured by adopting tin bronze is adopted for the embedding of the guide holes on the upper guide sleeve and the blank cap. The invention has the beneficial effects of less loss of pressure drop, large flow, wide adjustable extent, good action stability, and the regulating valve is especially suitable for the use of a pipeline system that the caliber is greater than DN 200, the front and rear pressure difference of the valve is great, the required rated flow is great, the leakage level requirement is low, and mediums have fine impurity working conditions.