Provided are an adjustable optical module and a projector including the same. The adjustable optical module includes an optical element; a carrier; a frame; a base; a first adjusting assembly including a first driving member, a first adjusting member, and a first rotating member; and a second adjusting assembly including a second driving member, a second adjusting member, and a second rotating member. The first adjusting member is adjusted to drive a first boss of the first driving member to move, the first rotating member being correspondingly driven to rotate, thereby pushing the carrier to rotate around a first axis relative to the base. The second adjusting member is adjusted to drive a second boss of the second driving member to move, the second rotating member being correspondingly driven to rotate, thereby pushing the frame to rotate around a second axis relative to the base.