Due to the shortcomings of the simple structure and big dimensions of the traditional magnetorheological (MR) valve, a hybrid flow MR valve with compact structure was proposed, the fluid resistance gaps of this proposed MR valve was composed by the annular fluid flow and radial fluid flow. The structure and working principle of the MR valve were introduced , the mathematical model of pressure drop was deduced. The magnetic field simulation was conducted using ANSYS software, and the pressure drop was simulated too. The results show that this proposed MR valve has high efficiency of the magnetic fields, the pressure drop and the adjustable range are also optimal than that of traditional MR valve.