The utility model discloses a wheel-adjustment-type coded lock which comprises an upper shell body and a lower shell body matched with the upper shell body. A rotary shaft is arranged in the lower shell body, the rotary shaft is provided with a plurality of code wheels which are tightly attached and can rotate relative to the rotary shaft, each code wheel is provided with an eccentric through hole, a conductive column is arranged in each through hole, the conductive columns of the adjacent code wheels are mutually contacted with each other, and the surface of the upper shell body is provided with strip-shaped holes which are distributed in the axial direction of the rotary shaft. According to the wheel-adjustment-type coded lock, a code cannot be decoded through hand feeling or sound, and safety performance is high.