The invention discloses a lighting effect-adjustable lamp. The lighting effect-adjustable lamp comprises a base, a reflecting cup, a light source base and an LED light source, wherein a reflecting cup mounting part is arranged on the base, and has an external thread structure; the reflecting cup comprises a cylindrical side wall; an opening in the bottom of the side wall is provided with an internal thread structure fitting the external thread structure; the side wall is provided with transmitting cells; the side wall below the transmitting cells radially outwards extends to form a main reflecting part; the light source base is mounted in the reflecting cup, and is fixedly connected with the base; and the LED light source is fixedly mounted on the light source base opposite to the transmitting cells on the reflecting cup. The lighting effect-adjustable lamp can adjust the distance and the angle between the LED light emitting source and the main light emitting surface of the reflecting cup to realize such lighting effect characteristics as illuminance changed according to different environment requirements, and also can realize the spotlighting or floodlighting.