A pressure compensating IV rate flow regulator having a housing with a metering port and an outlet. The flow rate is set by adjusting a flexible disk to vary the clearance between metering port and flow passageway. The controlled fluid passes to a land surrounding the outlet. A flexible control membrane having specific design and material characteristics extends across the land and will move or oscillate away or towards the outlet port in response to changes in head pressure, venous back pressure or patient movement. The resulting oscillation of the membrane serves to maintain the flow rate originally set by the clinician. The regulator is provided with safety and operational convenience features such as tactile indicators for “off” and KVO settings and has provision for use with accessory items such as a pole mount holder or anchoring device secured at the forearm or chest.