A temperature regulating valve and a thermal management system provided with the temperature regulating valve are provided. The temperature regulating valve includes a filling state and a first working state, and a thermodynamic element is impelled to not abut against a first valve seat by means of providing a hot melt in an end cover of the temperature regulating valve. When a first valve port is in an open state, at said time the temperature regulating valve is installed in the thermal management system, and since the first valve port is in the open state, lubricating oil may then flow into a heat exchange device by means of a first interface channel, the first valve port, and a second interface channel during a process of filling the lubricating oil.