A mean value model for regulated two stage turbocharged diesel engine was established, including a series of submodels for cylinder block, intake system, exhaust system, turbocharger, and butterfly valve. The butterfly valve was based on the mean flow coefficient used commonly in the engineering field and corrected according to the exhaust gas compressibility. The regulating characteristics of the butterfly valve in the regulated two stage turbocharging system were studied using the model. In opening range of 90° to 60°, the butterfly valve has barely regulating effect. However in opening range of 60° to 0°, the butterfly valve can regulate the exhaust flow distribution between the high pressure stage turbine and itself almost linearly. Furthermore the total pressure ratio of the diesel engine can be continuously regulated by the butterfly valve.