The hydraulic circulating valve is a full-diameter circulating tool, which can be connected above or below the tester. When connected below the tester, the hydraulic circulating valve is used as a bypass of the packer, which can reduce the suction effect of the tool during drilling and running. When connected above, the hydraulic circulation valve is used as a circulation valve to test and circulate the formation fluid stored in the string. The hydraulic circulation valve is composed of a delay part composed of a metering outer cylinder and a metering sleeve and a by-pass part composed of a circulating outer cylinder and a circulating sleeve.