Pressure reducing valves were often used in gas pipeline systems to control the downstream pressure. At present, the pressure reduction range of conventional small pressure reducing valves was small, and it was difficult to meet the pressure reduction demands under ultra-high pressure. A small pressure reducing valve with adjustable output pressure under ultra-high pressure was proposed, with an input pressure of 19~60 MPa and an output pressure of 7~13 MPa. By establishing a test platform and setting different upstream pressure and downstream resistance of the pressure reducing valves, the stability of the performance of the pressure reducing valves and the characteristic change were studied under four types of working conditions. Through experimental validation, the pressure reducing valve may maintain stable downstream pressure in ultra-high pressure usage scenarios. The response time of the valves after the pipeline connection is between 0.5 and 6.0 seconds, with pressure fluctuations within 10 seconds after response being between 0.12% and 4.49%. The results indicate that the trend of pressure changes after the reducing valves are related to the upstream pressure: when the upstream pressure decreases, the output pressure first declines and then rises, while when the upstream pressure is stable, the output pressure tends to decrease. The results may guide the applications of the pressure reducing valves in hydraulic systems.