The invention provides a frying and baking machine. The frying and baking machine includes a housing and baking trays which are arranged in the housing and can lift. The frying and baking machine alsoincludes: height adjustment supports which are arranged in the housing; adjustment structures which are arranged between the height adjustment supports and the baking trays; the adjustment structuresinclude positioning structures and clamping pins matching the positioning structures, wherein the positioning structures are arranged on the height adjustment supports or the baking trays; the positioning structures include a plurality of positioning concave portions with different heights; the positioning concave portions have stopping surfaces and releasing surfaces; the clamping pins are arranged on the baking trays or the height adjustment supports in a stretchable manner; the clamping pins optionally match one of the plurality of positioning concave portions so as to allow the baking trays to possess a plurality of height levels. When a user adjusts the height of the baking trays, level adjustment can be achieved by controlling connection positions of the clamping pins and the plurality of positioning concave portions.