A vehicle console with an adjustable armrest has a single operation knob at a fore-end of an armrest to open and close a storage well and to adjust position of an armrest for individual vehicle drivers. The armrest includes a pair of latch members driven by the operation knob. When the operation knob is at the end of the downward rotation, the latch members are inserted into catch holes in the console box, and the armrest is fixed to the console box in a “lock mode”. When the operation knob is halfway from the “lock mode”, the latch members are drawn out of the catch holes but remain in grooves in the console box in a “semi-lock mode”, wherein the armrest can slide along the grooves but cannot open the storage well. When the operation knob is drawn up to the end of the upward direction, the latch members are drawn out of the grooves and the armrest is in a “unlock mode” and the storage well can open and close.