There are the problems of low flow control accuracy, small flow control difficulty, and limited flow range in the traditional pressure-compensation flow-control valve. For this, a method of continuous control pressure drop prated to control flow-control valve flow is proposed. And the precise control of small flow is realized by reducing the pressure drop prated. In the research, the flow-control valve with controllable pressure compensation capability (FVCP) was designed firstly and theoretically analyzed. Then the sub-model model of PPRV and traditional flow-control valve were established and verified through experiments respectively. Finally, the accurate co-simulation model of the FVCP was established. The continuous control characteristics of pressure drop prated, the flow characteristics of FVCP, and the influence of different parameters d2 were studied. The research results demonstrate that, compared with the traditional flow-control valve, the designed FVCP can adjust the compensation pressure difference in the range of 0~1.7 MPa in real-time. And the flow rate can be altered within the range of 44%~100% of the rated flow. The diameter d2 of the console shoulder has almost no effect on the compensator operating characteristics.