The invention discloses a micro-nano bubble generator with an adjustable bubble particle size and an adjusting method. The micro-nano bubble generator comprises a water supply pipeline, a gas supply pipeline, a mixer, a booster pump, a gas-liquid mixed pipeline, a buffer tank, a spray head, a circulating pipeline and a water outlet pipeline, wherein the water supply pipeline, the mixer, the booster pump, the gas-water mixed liquid pipeline, the buffer tank, the spray head and the circulating pipeline are sequentially connected; and the gas supply pipeline, the mixer, the booster pump, the gas-water mixed liquid pipeline, the buffer tank, the spray head and the circulating pipeline are sequentially connected. By controlling the flow of a water supply pipeline, a gas supply pipeline, a spray head and a circulating pipeline, the pressure rise of a booster pump is controlled, the inclination angle of the spray head, the axial interval of the spray head and the like are swung, gas-water mixed liquid is in continuous contact, collides and effectively shears, and then micron bubbles or micro-nano bubbles or nano bubbles are generated and adjusted. The method disclosed by the invention has important theoretical value and practical significance for quickly improving water environments such as rivers, lakes and reservoirs and eliminating all black and odorous water.