A self-priming IV set valve includes a connector including a valve element that is positioned inside of the connector, and a cap that is removably connected to the connector. When the cap is mounted to the connector a passageway is formed in the connector such that air and liquid are permitted to pass through the connector and into the cap whereupon a hydrophobic filter of the cap prevents the passage of liquid there through while the hydrophobic filter permits the passage of air out of the cap and into the atmosphere. When the cap is not mounted to the connector, the valve element of the connector is configured to open under pressure and close when pressure ceases. Also disclosed is a method of priming the IV set, a cap assembly for a self-priming IV set valve, and a connector for a self-priming IV set valve.