In order to meet the high precision requirement of flow control in hydraulic system, a flow control valve with pressure and temperature electric feedback compensation was designed. The valve could be controlled by manual and digital signal control methods. Giant magnetostrictive actuator was used to make pressure and temperature compensation for the flow control valve, to eliminate output flow fluctuation caused by the change of pressure and temperature, so as to improve control accuracy. By the analysis of the structure and principle, the designed scheme can make up the defects of existing flow valve pressure and temperature compensation method, such as low precision, large pressure loss. So it is technically feasible.