Abstract: Diffusion prior-based methods have shown impressive results in real-world image super-resolution (SR). However, most existing methods entangle pixel-level and semantic-level SR objectives in the training process, struggling to balance pixel-wise fidelity and perceptual quality. Meanwhile, users have varying preferences on SR results, thus it is demanded to develop an adjustable SR model that can be tailored to different fidelity-perception preferences during inference without re-training. We present \textbf{Pi}xel-level and \textbf{S}emantic-level \textbf{A}djustable \textbf{SR} (\textbf{PiSA-SR}), which learns two LoRA modules upon the pre-trained stable-diffusion (SD) model to achieve improved and adjustable SR results.We first formulate the SD-based SR problem as learning the residual between the low-quality input and the high-quality output, then show that the learning objective can be decoupled into two distinct LoRA weight spaces: one is characterized by the $\ell_2$-loss for pixel-level regression, and another is characterized by the LPIPS and classifier score distillation losses to extract semantic information from pre-trained classification and SD models. In its default setting, PiSA-SR can be performed in a single diffusion step, achieving leading real-world SR results in both quality and efficiency. By introducing two adjustable guidance scales on the two LoRA modules to control the strengths of pixel-wise fidelity and semantic-level details during inference, PiSA-SR can offer flexible SR results according to user preference without re-training.Codes and models will be released.