An air displacement pipette has a tubular pipette tip with an upper section surrounding a locking chamber, and a body section leading from the upper section and tapering downwardly to a reduced diameter end. A tubular mounting shaft on the pipette has a distal end configured and dimensioned for axial insertion into the locking chamber of the pipette tip. Coacting surfaces on the distal end of the mounting shaft and the upper section of the pipette tip establish an axially interengaged relationship between the pipette tip and the mounting shaft in response to insertion of the distal end of the mounting shaft into the locking chamber. A sleeve is axially shiftable on the mounting shaft between a retracted position accommodating the establishment of the axially interengaged relationship, and an advanced position disrupting the axially interengaged relationship to thereby accommodate axial ejection of the pipette tip from the mounting shaft.