An electric power tool includes a motor; a speed reducer for transferring a rotational power of the motor at a reduced speed; and a reduction ratio changing unit for changing a reduction ratio of the speed reducer. The speed reduction mechanism includes an axially slidable changeover member and a gear member, the changeover member being engaged with or disengaged from the gear member depending on an axial slide position thereof. The reduction ratio changing unit includes a shift actuator for axially sliding the changeover member, a driving state detector for detecting a driving state of the motor, a slide position detector for detecting a slide position of the changeover member and a controller for driving the shift actuator and for changing a drive control of the shift actuator depending on detection results of the slide position detector unit and the driving state detector unit, respectively.