Good quality similarity metrics can significantly facilitate the performance of many large-scale, real-world applications. Existing studies have proposed various solutions to learn a Mahalanobis or bilinear metric in an online fashion by either restricting distances between similar (dissimilar) pairs to be smaller (larger) than a given lower (upper) bound or requiring similar instances to be separated from dissimilar instances with a given margin. However, these linear metrics learned by leveraging fixed bounds or margins may not perform well in real-world applications, especially when data distributions are complex. We aim to address the open challenge of "Online Adaptive Metric Learning" (OAML) for learning adaptive metric functions on the fly. Unlike traditional online metric learning methods, OAML is significantly more challenging since the learned metric could be non-linear and the model has to be self-adaptive as more instances are observed. In this paper, we present a new online metric learning framework that attempts to tackle the challenge by learning an ANN-based metric with adaptive model complexity from a stream of constraints. In particular, we propose a novel Adaptive-Bound Triplet Loss (ABTL) to effectively utilize the input constraints and present a novel Adaptive Hedge Update (AHU) method for online updating the model parameters. We empirically validate the effectiveness and efficacy of our framework on various applications such as real-world image classification, facial verification, and image retrieval.