An adjustable hitch assembly including a mounting collar, a hitch base with a vertical post having a plurality of alternating square sections and circular sections, a hitch ball member having at least one hitch ball and a pivot shaft extending therefrom. The vertical post is slidably and rotatably received through the mounting collar; the pivot shaft is rotatably received in the mounting collar. The mounting collar, to which the hitch ball member is attached, may slide vertically along the vertical post and may rotate about the vertical post to adjust the height and angular position of the hitch ball member. The hitch ball member may have a plurality of variously sized hitch balls that a user may select by rotating the hitch ball member about the pivot shaft. A single rotatable latch pin received by the mounting collar engages and disengages the various components of the hitch assembly to allow adjustability.