Abstract: An adjustable punch tool assembly has quick release mechanisms which provide for rapid removal and replacement of the stripper plate and punch without the use of tools. The stripper plate quick release mechanism includes slides mounted for axial movement along a front end of the guide. The lower portion of each slide has an opening provided therethrough for receiving a spring-loaded button protruding from the outer surface of the guide. Ball bearings are provided for radial movement between the circumferential groove in the outer edge of the stripper plate and the annular, sloped grooves located along the upper, inner surfaces of the slides.