An adjustable reading stand includes a base including two bottom plates foldable relative to each other, a resisting edge located on one side of the bottom plates and opposite limit grooves formed on the bottom plates, an butting member set on the bottom plates and providing an accommodating space near the resisting edge, and a positioning member having one side thereof set at the side of the accommodating space far from the resisting edge and an opposite side thereof provided with a retaining side that slides along the surface of the two bottom plates and embedded in any two opposite limit grooves. Thus, the inclination angle of the abutting member on the base can be adjusted, and the two bottom plates, the abutting member and the positioning member can be folded, so as to reduce the volume of the adjustable reading stand for convenient carrying.