An adjustable bed includes a main frame which supports a mattress platform, a fixed frame base having wheels mounted thereto for displacement thereof on a floor surface, and a lift mechanism interconnecting the main frame and the fixed frame base. The lift mechanism supports the main frame and is actuated to displace and position the main frame between a fully collapsed position and a fully elevated position relative to the fixed frame base without any longitudinal displacement of the bed. The main frame, the fixed base and the lift mechanism collapse into a low profile bed configuration in the fully collapsed position, such that the mattress platform is located at a minimum vertical height of at most 9 inches above the floor surface.