Form 497K BLACKROCK MID-CAP VALUE

BLACKROCK MID-CAP VALUE SERIES, INC.

BlackRock Mid-Cap Value Fund

(the “Fund”)

Supplement dated May 26, 2022 to the Summary Prospectuses and Prospectuses

of the Fund, each dated September 1, 2021, as supplemented to date

On May 10, 2022, the Board of Directors of BlackRock Mid-Cap Value Series, Inc. approved certain changes to the Fund’s investment strategy. This change is expected to become effective on or about August 15, 2022.

Accordingly, effective on or about August 15, 2022, the following changes are made to the Fund’s Summary Prospectuses and Prospectuses, as applicable:

The section of the Summary Prospectuses and the Prospectuses entitled “Key Facts About BlackRock Mid-Cap Value Fund — Principal Investment Strategies of the Fund” and “Fund Overview — Key Facts About BlackRock Mid-Cap Value Fund — Principal Investment Strategies of the Fund” and the section of the Prospectuses entitled “Details About the Fund — How the Fund Invests — Principal Investment Strategies,” as applicable, are deleted in their entirety and replaced with the following:

The Fund seeks to achieve its investment objective by investing primarily in a diversified portfolio of equity securities. Under normal circumstances, the Fund will invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in equity securities of mid cap companies. Under normal market conditions, the Fund intends to invest primarily in dividend-paying securities. Equity securities include common stock, preferred stock, securities convertible into common stock, or securities or other instruments whose price is linked to the value of common stock. Mid cap companies are companies that at the time of purchase have market capitalizations in the range of companies included in the Russell Midcap^® Value Index (generally between $1 billion and $55 billion as of July 31, 2021, although this range may change from time to time). The Fund will focus on issuers that have good prospects for capital appreciation and current income. Although the Fund invests primarily in dividend-paying securities, portions of the distributions paid by the Fund may not be subject to the lower income tax rates applicable to dividends. While the Fund will invest at least 80% of its assets in mid cap securities, the Fund may invest in securities of companies with any market capitalization. The Fund’s portfolio, in the aggregate, will be structured in a manner designed to seek long-term capital appreciation as well as net portfolio yield in excess of the average yield of mutual funds invested primarily in U.S. equities.

The Fund may also invest in securities convertible into common stock and non-convertible preferred stock. Convertible securities are generally debt securities or preferred stock that may be converted into common stock. Convertible securities typically pay current income as either interest (debt security convertibles) or dividends (preferred stock). A convertible security’s value usually reflects both the stream of current income payments and the market value of the underlying common stock. Preferred stock is a class of stock that often pays dividends at a specified rate and has preference over common stock in dividend payments and liquidation of assets. Preferred stock may also be convertible into common stock.

The Fund may invest up to 25% of its total assets in securities of foreign issuers. The Fund may invest in securities from any country. The Fund may invest in securities denominated in both U.S. dollars and non-U.S. dollar currencies. The 80% policy noted above is a non-fundamental policy of the Fund and may not be changed without 60 days’ prior notice to shareholders.

Shareholders should retain this Supplement for future reference.

ALLPRO-MCD-0522SUP

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