An adjustable socket (10) is disclosed as including a driver (16) having inclined slideways (18) on which jaws (20) are mounted for inward and outward adjusting movement by an adjuster (24) supported on the driver and having an annular flange (26) that projects into jaw slots (22). The adjuster (24) preferably has a two piece construction including a jaw operating member (32) on which the annular flange (26) is provided, a rotatable adjusting member (34) supported on the driver for rotational adjustment, and a press fit connection (36) that secures the jaw operating member (32) to the adjusting member (34) upon assembly. A shoulder (44) on one of the members (32, 34), preferably on the adjusting member (34), axially engages the other member to prevent movement therebetween as the adjustable socket is loaded. The jaw slots (22) and the annular flange (26) preferably extend radially without any axial component to prevent binding during adjustment and use. Both the jaws (20) and the slideways (18) that mount the jaws on the driver (16) have round shapes along the inclined directions of the jaw movement, and the jaws (20) have inwardly facing flat gripping surfaces (66) whose orientation is maintained by the slidable engagement of the annular flange (26) within the jaw slots (22).