A stylus may have an elongated body with opposing first and second ends. Electronic equipment may have a touch sensor that receives electromagnetic signals from one or more electrodes at the first end. The stylus may have a six-axis inertial sensor at the second end. Force sensors may be located at the first and second ends. User input from the force sensors, the inertial sensor, and other input-output devices may be used to supply the stylus with mode change commands. In response to the mode change commands the stylus may transition between operating modes such as a touch sensor mode and one or more inertial sensor modes. Inertial sensor data may be used to allow the stylus to operate as a joystick, a rotational controller, an air mouse, or other input devices in addition to serving as a touch sensor input device.