We develop an effective field theory (EFT) for deformed odd-mass nuclei. These are described as an axially symmetric core to which a nucleon is coupled. In the coordinate system fixed to the core the nucleon is subject to an axially symmetric potential. Power counting is based on the separation of scales between low-lying rotations and higher-lying states of the core. In leading order, core and nucleon are coupled by universal derivative terms. These comprise a covariant derivative and gauge potentials which account for Coriolis forces and relate to Berry-phase phenomena. At leading order, the EFT combines the particle-rotor and Nilsson models. We work out the EFT up to next-to-leading order and illustrate the results in $^{239}$Pu and $^{187}$Os. At leading order, odd-mass nuclei with rotational band heads that are close in energy and differ by one unit of angular momentum are triaxially deformed. For band heads that are well separated in energy, triaxiality becomes a subleading effect. The EFT developed in this paper presents a model-independent approach to the particle-rotor system that is capable of systematic improvement.