The invention discloses a magnetorheological fluid two-way damping regulating valve. The magnetorheological fluid two-way damping regulating valve comprises a piston rod, an upper end cover, a lower end cover, a squeezing valve assembly, a damping regulating mechanism, a piston valve system, and a working cylinder. The squeezing valve assembly comprises a valve core, a squeezing valve body, a squeezing valve base, excitation coils, magnetorheological fluid, and magnetic isolation rings. The damping regulating mechanism comprises the valve core, sliding blocks, sealing rings, sliding block return springs, sliding block supporting rods, and damping openings; the upper end cover matches with the lower end cover in a threaded mode and the damping opening C is thereby formed. The size of the damping opening C can be manually adjusted via threads on the upper end cover and the first adjustment of damping force is thereby realized. In the moving process of the valve core, the viscosity of themagnetorheological fluid is controlled by a magnetic field to adjust the resistance force on the valve core, so the displacement of the valve core is controlled; the flow area of two damping openingsis then adjusted via the sliding blocks to realize damping stepless adjustment; and the second adjustment of damping force is thereby realized. The magnetorheological fluid two-way damping regulatingvalve can be applied to single-cylinder and dual-cylinder vibration absorbers and can realize active control and damping stepless adjustment of the vibration absorbers.