The invention discloses a thermodynamic circulating valve. The thermodynamic circulating valve is characterized in that the valve is composed of a hot water cavity, a cold water cavity and a one-way valve which are formed together; the hot water cavity is provided with a hot water pipe connector and a hot water consuming point connector; the cold water cavity is provided with a cold water pipe connector and a cold water consuming point connector; the one-way valve is connected between the hot water cavity and the cold water cavity; the connection direction of the one-way valve is from the hot water cavity to the cold water cavity. According to the thermodynamic circulating valve, the hot water cavity, the cold water cavity and the one-way valve are formed together; when a hot water circulation system is built, an extra one-way valve does not need to be arranged; the thermodynamic circulating valve is simple in structure, convenient to seal, convenient to install and use and particularly suitable for building a hot water circulation system of a water heater without a water return pipe.