Control valves are indispensable fluid control units in various industrial systems, and adjustable ratio is a crucial performance indicator of these valves. It represents the ratio between the maximum and the minimum controllable flow of the valve. And adjustable ratio stands as a significant measure of control valve regulation capability. This paper presents a novel sleeve-type control valve with a combined valve core structure composed of an inner sleeve, an outer sleeve, and a valve plug. Throttle windows and orifices are machined onto both sleeves. A dual-layer sleeve movement mechanism is realized through a gear transmission structure, allowing rotation of the inner sleeve and vertical movement of the valve plug. This design can achieve higher adjustable ratios and regulation precision. The sleeve structure design include structural parameters of the inner sleeves, outer sleeves and the shape of the throttle windows. In this study, we get the flow rates at various openings by numerical simulations. And the adjustable ratio of the valve with orifice sleeves reaches up to 695:1. Furthermore, we validate the flow regulation accuracy and maximum adjustable ratio of the combined valve core control valve by experimental methods. This work has a relevance for the design and investigation of control valves under high-pressure differential and high-flow conditions.