The invention discloses a magneto-rheological valve adopting a permanent magnet and double coils for composite control. The magneto-rheological valve is mainly composed of end covers, a valve body, locating discs, a damping disc, the permanent magnet, wire winding brackets, magnet exciting coils and the like. A magnetic field generating device of the magneto-rheological valve is composed of the permanent magnet and the double coils together. Under the power-losing condition, a fixed magnetic field is generated through the permanent magnet, and the magneto-rheological valve under zero current can still have a certain inlet and outlet voltage difference. Under the power-on condition, the direction of a magnetic field generated by the magnet exciting coils can be identical or opposite to that of the magnetic field generated by the permanent magnet by adjusting the currents and directions of the double coils, the function of same-direction magnetic field enhancement or opposite magnetic field weakening is achieved, and therefore the inlet and outlet voltage difference of the magneto-rheological valve is increased or decreased. The magneto-rheological valve is especially suitable for being applied to a magneto-rheological damper as a bypass valve, the damping force adjustment range of the magneto-rheological damper can be wide through the composite control of the permanent magnet and the double coils, fault performance is excellent, and the damping and buffering work is stable.