Magnetorheological (MR) valve is a kind of smart control mechanism that using magnetorheologcial fluid as the working fluid. The advantages of regulating pressure drop and fast response time make the valve have a promising application prospects in the field of vibration attenuating system. Such as, it can be used as a bypass valve to control the MR damper, which can be formed a MR valve controlled cylinder mechanism to apply in the vehicle suspension system. A two-stage radial type MR valve with meandering fluid flow paths was developed, the fluid flow paths consisted of two annular fluid flow channels, four radial fluid flow channels and three centric pipe fluid flow channels. The working principle of the proposed MR valve was expounded in detail, and the mathematical model of pressure drop was also derived based on the Bingham model. The electromagnetic field model of the MR valve was built up by using the finite element method. The changes of pressure drop under different applied currents were analyzed, the simulation results showed that the pressure drop was 5.81MPa at applied current of 0.8A. At the same time, the experimental test rig was set up to investigate the pressure drop and response time of the proposed MR vale under different applied currents and different loading cases, the experimental results showed that the pressure drop was 5.77MPa at applied current of 0.8A, which was accorded with the simulation results. The response time was also tested, and the test results indicated that the response time was between 3ms and 7ms;the results also showed that the rising response time was shorter than the falling response time. Furthermore, the response time was independent of the loading cases, and the bigger the applied current of the excitation coil was, the faster the response time was.