A valve assembly and an ink cartridge with the valve assembly are provided. The valve assembly includes a valve cover, a valve base, a diaphragm and a transfer column. The valve cover is disposed on the valve base to define a valve cavity, and the diaphragm is disposed between the valve cover and the valve base and configured for separating the valve cavity into a first deformable cavity and a second deformable cavity independent with each other. The transfer column is fixed in the valve cavity and penetrates through the diaphragm, and at least one of the transfer column and the diaphragm is provided with a passage. The diaphragm moves relative to the transfer column due to a pressure difference between the first deformable cavity and the second deformable cavity, resulting in opening or cutting off communication between the first deformable cavity and the second deformable cavity by the passage.