The invention provides an electric pencil sharpener with all functions of a wasteful shaving prevention mechanism, a pencil-core tip adjustment mechanism, a core fragment removal mechanism and a pencil diameter adapter. In the electric pencil sharpener composed of a main body cover, a drive mechanism passing the power, a transfer mechanism for the rotating operation, a cutting mechanism with a rotating cutting blade of the rotating cutting the pencil, a wasteful shaving prevention mechanism for separating the rotatable cutting blade from the pencil, a pencil-core tip adjustment mechanism for adjusting the diameter of the shaved pencil-core tip, and a core fragment removal mechanism for removing any broken off pencil-core fragment remaining in the electric pencil sharpener. The wasteful shaving prevention mechanism includes the cutting blade, a cutter shaft and a plate and is structured to separate the cutting blade from the pencil when sharpening if finished. The pencil-core tip adjustment mechanism includes a pencil-core tip adjustment dial, a rotatable pencil-core tip adjustment screw, a gear shaft, a connecting rod, a plate and a stop. The core fragment removal mechanism includes a button, a gear shaft, a connecting rod, a plate and a stop.