Disclosed is a convertible knitting loom that includes a first body and a second body that are connected via a hinge so that the bodies can rotate relative to each other and used in more than one configuration. Each body includes knitting pegs for weaving and knitting yarn. The first and second bodies are configured to be provided in at least first (closed) configuration such that the first body and the second body are parallel to each other and a second (open, linear) configuration such that the bodies are substantially linearly aligned. A removable fastener or lock pin can be used to lock the bodies of the loom in either the first or second configuration.