Abstract: A valve assembly for inflatable bladders, including beds, balls, toys, and other inflatable objects includes a locking mechanism within the valve for releasably holding the valve opened. The valve acts in three distinct ways. In a first way the valve is closed maintaining the bladder internal pressure. In a second way the valve may be incrementally opened by a user to release the internal pressure to suit the user. In a third way the valve may be opened and locked or latched to remain open allowing the deflation of the bladder. A spring provides a return force to close the valve when the lock is not engaged. Air pressure from outside the bladder supplied by a pump or the like will force the valve diaphragm open against the spring and allow air to enter. The diaphragm is made of a resilient seal material. The locking mechanism is engaged by pressing the diaphragm open and twisting to engage a lock.