A new rotary reversing valve with plate spool was designed. Based on it's working principle and unique orifice structure, static characteristics, stress conditions and frequency response characteristics were analyzed. The results indicate that axial hydrodynamic force of the rotary valve with unique structure is very small. Besides, flowing area and rotating displacement are strictly positive with good linearity and constant gain. So as to guarantee stability and rapidity of the rotary valve, suitable damping coefficient is adjusted.