The invention discloses a punching machine with an adjustable punch. A punch mechanism of the punching machine is a mechanism with an adjustable punch avoiding position. The punching machine comprises an adjustment block installation mechanism, a punching plate pressing mechanism, an adjustment block, an adjustment block horizontal movement drive mechanism and the adjustable punch. The adjustment block is installed in an adjustment groove in the adjustment block installation mechanism and can horizontally move below the adjustment block horizontal movement drive mechanism. The top end of the adjustable punch is ejected to the bottom of the adjustment block. An avoiding groove is formed in the bottom of the adjustment block. When the avoiding groove of the adjustment block is located over the adjustable punch, avoiding can be achieved for the adjustable punch, and therefore the adjustable punch cannot act on plate materials during the punching work. By means of the avoiding strategy that the position of the adjusting block is adjusted, the arrangement of the punch in the punch mechanism is achieved.