A convertible peeler includes a cutting blade that is adjustable in more than one orientation. In a first orientation, the peeler can be used as a “Y-Peeler” so that the blade is generally orthogonal to the handle. In a second orientation, the peeler can be used as an in-line peeler so that the blade is generally parallel with the handle. In its preferred form, the blade can also be secured to a plurality of positions at a range of angles between parallel and orthogonal. In some examples of the invention, the blade can be adjustably secured to the handle by rotating a threaded fastener secured to the handle. Rotating the fastener in an opposite direction tightens the blade to hold it in the desired location.