Tandem mass spectrometry (MS/MS) has been routinely used to identify peptides from a protein sequence database. To identify post-translationally modified peptides, most existing software requires the specification of a few possible modifications. However, such knowledge of possible modifications is not always available. In this paper, we describe a new algorithm for identifying modified peptides without requiring the user to specify the possible modifications; instead, all modifications from the Unimod database are considered. Meanwhile, several new techniques are employed to avoid the exponential growth of the search space, as well as to control the false discoveries due to this unrestricted search approach. Finally, a software tool, PeaksPTM, has been developed and already achieved a stronger performance than competitive tools for unrestricted identification of post-translational modifications.