The adjustable tray provides a central body adapted to receive drinks, food, toys, reading material, or any other item(s) that a user places upon the central body. Retention arms pivotally attached to the central body adjust to a retaining position that extends the retention arms above the central body. The retention arms also adjust to an elevating position that extends the retention arms below the central body to raise the central body. Retention arms also detach from each other to pivot freely to avoid obstructing placement of larger items on the central body. A retention lip also maintains items within the confines of the adjustable tray. Unique webbing of the present invention allows the user to adjust the length of webbing extending from the central body and to secure either the front or the rear of the adjustable tray around the user and/or object(s).