Abstract: A punch press alignment instrument has upper and lower cylindrical components that are associated for vertical displacement relative to one another. Both components have outer tool holder engaging surfaces which are to be aligned with one another so as to in turn align the tool holders of the punch press when the upper and lower components themselves are in alignment. Alignment elements, e.g., ridges and grooves provided on mating surfaces of the components confronting each other are brought into contact with one another to move the components of the instrument into mutual alignment. An alignment control member, e.g., a screw is preferably provided for progressively bringing the upper and lower components toward one another and an indicator such as a lamp, a dial indicator or an audible indicator is provided for denoting the spacing between the upper and lower components to thereby confirm the alignment of the tool holders.