A rekeyable master keyable lock includes a plurality of key followers, a plurality of user racks and a plurality of master racks. One user rack and one master rack are associated with each key follower and are configured to be selectively disengaged from, and reengaged with, the key follower. When the user racks are disenggaged from the key follower, the valid user key can be replaced with a new user key. Reengaging the user racks with the key followers rekeys the lock cylinder to the new user key and invalidates the original user key. Similar functionality applies to rekeying the master key. Either the user key or the master key can be rekeyed without rekeying the other.