A pliers-type insulation stripping tool includes an adjusting device for adjusting the cutting profile provided by the knife edges of a stack of parallel lamellar cutting blades pivotally connected at one end with a knife holder for independent pivotal movement about a first pivot axis parallel with the tool handle pivot axis. The adjusting device comprises a cylindrical support member that is mounted in the associated knife holder for rotation about an axis parallel with the first pivot axis. The circumferential surface of the support cylinder includes a plurality of segments that are selectively engaged by flat portions of the cutting blades, thereby to define different cutting profiles, respectively. The knife holder is connected for longitudinal displacement on one the clamping jaws of the tool handles, thereby to remove a severed length of the insulation layer from the insulated conductor.