Abstract: The invention relates to a control valve, a percussion device and a method of controlling a working cycle of a percussion device. The percussion device (1) used for breaking rock comprises an impact element (8), which is controlled by a control valve (2). The control valve comprises a control element (5), which is arranged to control channels (7b) leading to a working pressure surface (9) of the impact element (8). The movement of the control element to its extreme position is arranged to form a closed pressure space, where pressure medium compresses and converts kinetic energy of the control element into pressure energy. The pressure energy is re-converted into kinetic energy and utilized when the control element changes its direction.