The invention discloses an LED lamp with the light color adjusting function. The LED lamp comprises a lamp holder, a lamp body and a handle, wherein three LED lamp sets are arranged in the lamp holder and each LED lamp set comprises a high color temperature LED string and a low color temperature LED string. An adjustable drive module, a light color adjusting module and a rechargeable battery are arranged in the handle, and the handle is connected with the lamp body via a multi-shift adjustable rotary knob. The light color adjusting module comprises two brightness adjusting rotary knobs and three dial switches which work together to control the lamp to emit lights with high color temperature, low color temperature and moderate color temperature between the high and low color temperatures, as a result, the adjustment of the color temperature, the spectrum and the brightness can be realized. According to LED lamp disclosed by the invention, the light control signal generation circuit has a simple structure, the linearity of the operation signal is good, the lamp is widely applicable for indoor purposes and outdoor occasions without external power sources and in need of extensive light adjustment of multiple lamps, and further, the modular structure of the lamp brings convenience in installation, maintenance and light emitting angle adjustment.