Recent years have witnessed an increasing prevalence of IT services directly supplied by cloud vendors. To ensure high performance, the status of online service systems is closely monitored with various software and system metrics. Performance anomalies represent the performance degradation issues (e.g., slow response) of the service systems. When performing anomaly detection over the metrics, existing methods often lack the merit of interpretability, which is vital for engineers and analysts to take remediation actions. Moreover, they are unable to effectively accommodate to the ever-changing services in an online fashion. To address these limitations, in this paper, we propose ADSketch, an interpretable and adaptive performance anomaly detection approach based on pattern sketching. ADSketch achieves interpretability by identifying groups of anomalous metric patterns, which represent particular types of performance issues. The underlying issues can then be immediately recognized if similar patterns emerge again. In addition, an adaptive learning algorithm is designed to embrace unprecedented patterns brought by service updates. The proposed approach is evaluated with public data as well as industrial data collected from a representative online service system of company X. The experimental results show that ADSketch outperforms state-of-the-art approaches by a significant margin, and demonstrate the effectiveness of the online algorithm in new pattern discovery. Furthermore, our approach has been successfully deployed in industrial practice.