A valve device for a compressed air supply system, includes a control chamber to which compressed air may be supplied, a control piston plate delimiting the control chamber, a control piston that is fixed to the side of the control piston plate facing away from the control chamber. The piston protrudes into a discharge valve chamber of a discharge valve, provided with at least one compressed air connection. A valve head delimits the discharge valve chamber, which can be pressurized with the force of a spring in the direction of a valve seat and which can be lifted from the valve seat by the control piston counter to the force of the spring in order to open the discharge valve. The control piston and a valve housing surrounding the control piston define at least two regeneration valve chambers of a regeneration valve having at least one compressed air connection. The at least two regeneration valve chambers are either separated from each other or connected together in accordance with the position of the control piston.