A combination dispense and recirculation valve assembly is disclosed for viscous fluids. The assembly easily moves between a dispense and a recirculation position. Therefore, a pump linked to the canister of fluid being dispensed can be run continuously, intermittently or on demand. After the dispense, the actuator moves the valve stem downward to block any further dispense and the pump recirculates fluid upward past an upper valve element and upper valve seat into a recirculation outlet and back into the canister. In the closed position, the valve chamber is sealed to prevent air from causing any remaining colorant to dry. When a dispense is desired, the actuator simply raises the valve stem upward so the upper valve element engages the upper valve seat thereby preventing fluid from being recycled and directing all fluid downward past the lower valve element and out through the nozzle. The combination dispense and recycle valve assembly is particularly useful for multiple fluid dispensers including, but not limited to paint dispensers.