The disclosure provides an adjustable optical module, including an optical element, a carrier, a frame, two first positioning members, a base, and two second positioning members. One of the carrier and the frame includes two first pivot shafts that protrude from both sides and extend along a first axis, and the other includes two first pivot holes. The two first pivot shafts are located in the two first pivot holes, respectively. One of the frame and the base includes two second pivot shafts that protrude from both sides and extend along a second axis, and the other includes two second pivot holes. The two second pivot shafts are located in the two second pivot holes, respectively. The disclosure provides a projector, including a light source module, a light valve, a projection lens, and the foregoing adjustable optical module.