An adjustable socket that includes a housing, a rotatable member engageable with the housing such that the rotation of the rotatable member causes the housing to move upwardly or downwardly along the longitudinal axis, an adjusting collar engageable with the rotatable member and the housing, a plurality of jaws, a retainer, and a lock member. Each jaw is received in a corresponding one of apertures of the housing. The lock member is operatively connected with the rotatable member and is constructed and arranged to secure the adjusting collar to the housing and the plurality of jaws. The jaws are movable towards and away from the longitudinal axis of the housing through a range of positions upon the rotation of the rotatable member.