The invention relates to a circulating valve, in particular to a continuous circulating valve. The continuous circulating valve comprises an upper connector, a lower connector, a shell and a valve mandrel. The upper connector is installed at one end of the shell in a threaded mode, and the lower connector is installed at the other end of the shell in a threaded mode. The valve mandrel is arranged in the portion, between the upper connector and the lower connector, of the shell. A flange is arranged at one end of the valve mandrel. The other end of the valve mandrel is sleeved with a valve piston through a check ring A. The continuous circulating valve is simple in structure and good in practicability, working fluid can be supplied to a well bottom rapidly and continuously under the non trip situation, the drilling efficiency can be effectively improved while downhole accidents are prevented, and the problems that the nonworking time is long due to trip and replacement of a non-continuous circulating valve, consequentially the drilling efficiency is reduced, and serious economic loss is caused are solved. The continuous circulating valve is particularly suitable for the operation of well drilling, well completion, oil well maintenance, well flushing, salvage, packer setting and the like.