We have theoretically studied the transport properties of the SIsNSOF structure consisting of thick (S) and thin (s) films of superconductor, an insulator layer (I), a thin film of normal metal with spin–orbit interaction (SOI) (NSO), and a monodomain ferromagnetic layer (F). The interplay between superconductivity, ferromagnetism, and spin–orbit interaction allows the critical current of this Josephson junction to be smoothly varied over a wide range by rotating the magnetization direction in the single F-layer. We have studied the amplitude of the spin valve effect and found the optimal ranges of parameters.