A pen with changeful penholder is comprised of multiple decoration rings disposed around the penholder and an elastic retaining mechanism inserted either at the front or the tail of the penholder. The decoration rings are held closely in series when subject to restriction by the elastic retaining mechanism, and released to turn around freely when the elastic retaining mechanism is compressed. The outer wall of each decoration ring is preset with any color, symbol, stripe or shape to change the form and appearance of the penholder when the decoration rings are turned around to achieve diversified combination of decoration styles as desired.