Vision-language retrieval is an important multi-modal learning topic, where the goal is to retrieve the most relevant visual candidate for a given text query. Recently, pre-trained models, e.g., CLIP, show great potential on retrieval tasks. However, as pre-trained models are scaling up, fully fine-tuning them on donwstream retrieval datasets has a high risk of overfitting. Moreover, in practice, it would be costly to train and store a large model for each task. To overcome the above issues, we present a novel Cross-Modal Adapter for parameter-efficient transfer learning. Inspired by adapter-based methods, we adjust the pre-trained model with a few parameterization layers. However, there are two notable differences. First, our method is designed for the multi-modal domain. Secondly, it allows encoder-level implicit cross-modal interactions between vision and language encoders. Although surprisingly simple, our approach has three notable benefits: (1) reduces the vast majority of fine-tuned parameters, (2) saves training time, and (3) allows all the pre-trained parameters to be fixed, enabling the pre-trained model to be shared across datasets. Extensive experiments demonstrate that, without bells and whistles, our approach outperforms adapter-based methods on image-text retrieval datasets (MSCOCO, Flickr30K) and video-text retrieval datasets (MSR-VTT, DiDeMo, and ActivityNet).