A bearing preload adjuster for a bicycle crank set and bottom bracket comprises an adjustment ring for coupling with a bicycle crank arm, a movable plunger comprising an external thread for rotatably coupling with the adjustment ring. The adjustment ring is rotated in order to cause the plunger to extend along an axis of the bottom bracket and apply pressure to a bottom bracket bearing inner race. The adjustment ring is rotated until the clearance in the bearing assemblies and the play in the bottom bracket assembly has been eliminated. This allows the crank assembly to rotate freely, while preventing the crank assembly from sliding side to side inside the bearing bores and along the axis of the crank spindle.