A pallet dismantling tool having a body member, a handle, and lever extensions. The handle is mounted on the body member in angular relation to the lever extensions for forming leveraged functioning of the latter to pry off pallet deck boards when the handle is operated to rotate the body member. In one embodiment, a plurality of jaw members comprise the lever extensions and have forwardly opening slots that receive a deck board of a pallet edgewise. The jaw members are selectively arranged in number and position corresponding to that of the pallet spacers when engaging a deck board whereby to remove a deck board simultaneously from all the spacers. The jaw members are adjustable to accommodate different structures and sizes of pallets.