A channeled shaft check valve assembly includes a conduit with an internal valve seat with a central opening. An actuating member is contained inside the conduit between an outlet fixture and the valve seat. A valve member mounted within the sleeve includes a disc on the opposite side of the valve seat from the outlet end of the conduit and a channeled shaft extending outward from the center of the disc and through the central opening in the internal valve seat. The opposite end of the channeled shaft may also have a disc mounted thereto, allowing for a three position valve. The valve is urged closed under pressure unless an outlet fixture urges the valve open allowing fluid flow along the channeled shaft and through the central opening in the valve seat. In a two disc valve member, the valve may have two closed positions and one open position.