The invention discloses an adjustable die for transformer coil winding. The adjustable die comprises a die body, and is characterized in that the die body comprises a winding sleeve composed of at least four die sections, and the inner side of each die section is connected with a hollow die shaft through a hinge; a die center shaft penetrates through the hollow die shaft; the die center shaft is composed of a middle section, a threaded section and a cube section, the threaded section and the cube section are arranged on the two sides of the die center shaft, the middle section is matched with the hollow die shaft, the cube section penetrates through the center of a second spoke disc, the threaded section penetrates through the center of a first spoke disc, the threaded section is sleeved with a shaft sleeve, and the shaft sleeve is in threaded connection with the threaded section; the shaft sleeve is provided with a limiting structure, the shaft sleeve end on one side of the limiting structure penetrates through the first spoke disc, and the first spoke disc is limited at the limiting structure. The adjustable die is high in universality, the variable diameter of the die body can be suitable for manufacturing of different types of coils, production cost is greatly reduced, and production efficiency is improved.