A multi-ring binder includes a positioning lock pin, a movable central spindle, a first bracket, a second bracket and a C-ring. The movable central spindle is formed by a plurality of cylindrical bodies and a plurality of rectangular bodies staggered, and the top of the movable central spindle is connected to the positioning lock pin and the surface of the rectangular body next to the top has a first positioning groove and a second positioning groove. The first bracket has first half-rings arranged equidistant from each other, and first hollow bodies arranged equidistant from each other. The second bracket is complementary and symmetrical with the first bracket, and has second half-rings arranged equidistant from each other, and second hollow bodies arranged on equidistant from each other.