The sleeve regulating valve is widely used in the pipeline systems of process industries to control fluid flow. When flowing through the sleeve regulating valve, the water is easy to reach cavitation because of the pressure drop in the partial region, which may cause serious damage to pipeline system. In this paper, the pressure drop and cavitation characteristics in the sleeve regulating valve for different pressure differences and valve core displacements are investigated using a multiphase cavitation model. The pressure drop, velocity and vapor volume distribution in the regulating valves are obtained and analyzed. The total vapor volumes are also predicted and compared. The results show that the decrease of the valve core displacement induces the enlargement of the vapor distribution region and the increase of the vapor density. The increase of the pressure difference induces a more serious cavitation. The pressure difference has a slight influence on the cavitation intensity and density in the regulating valve when the valve core displacement is 60 mm. With the decrease of the valve core displacement, the effects of the pressure difference on the cavitation intensity are enhanced. This work is of significance for the cavitation control of the sleeve regulating valves.