The invention relates to a circumferential vibration tool with adjustable vibration. The circumferential vibration tool mainly comprises a joint shell, an adjusting washer, a flow-distributing joint,an upper spring, a rectangular sealing ring a, an upper spraying nozzle, an upper retaining frame, an adjusting cylinder sleeve, a reversing hammer, an impacting hammer, a lower spring, a lower spraying nozzle, a collision valve body, a positioning part, a rectangular sealing ring b, a lower retaining frame, a rectangular sealing ring c and a fixed joint. The circumferential vibration tool has thebeneficial effects that when the circumferential vibration tool with adjustable vibration is in operation, the pressure of drilling fluid is increased, so that the adjusting cylinder sleeve is movedforwards to close a reversing runner; the tool does not generate circumferential vibration, so that the pressure of the drilling fluid is reduced, the upper spring and the lower spring are returned, the reversing runner is communicated; under the driving of the drilling fluid, the reversing hammer, the impacting hammer and the collision valve body generate collision to form circumferential reciprocating impacting load; the circumferential vibration tool with adjustable vibration can conduct vibration adjustment and control according to the needs, and can generate additional circumferential impacting load to act on a drilling bit so as to accelerate the drilling bit for breaking rocks and improve the drilling efficiency.