Abstract: An automatic pallet changer is used to change an inner pallet lying inside a cutting compartment of a machine tool with an outer pallet located outside the cutting compartment. The pallet changer includes a housing and an arm base elevatably and rotatably fitted to the housing, the arm base having a rotary shaft and a support head mounted on the top of the rotary shaft. A first pair of split gripper arms are pivoted at their proximal ends to the support head of the arm base for swinging movement between an idle position wherein the first pair of arms lie side to side and an acting position wherein the first pair of arms are placed end to end. Likewise, a second pair of split gripper arms are pivoted at their proximal ends to the support head of the arm base in a diametrically opposed relationship with respect to the first pair of arms for swinging movement between an idle position wherein the second pair of arms lie side to side and an acting position wherein the second pair of arms are placed end to end.