jQuery select change event get selected option

$('select').on('change', function (e) {
    var optionSelected = $("option:selected", this);
    var valueSelected = this.value;
    ....
});

Delegated Alternative

In case anyone is using the delegated approach for their listener, use e.target (it will refer to the select element).

$('#myform').on('change', 'select', function (e) {
    var val = $(e.target).val();
    var text = $(e.target).find("option:selected").text(); //only time the find is required
    var name = $(e.target).attr('name');
}

JSFiddle Demo

You can use the jQuery find method

 $('select').change(function () {
     var optionSelected = $(this).find("option:selected");
     var valueSelected  = optionSelected.val();
     var textSelected   = optionSelected.text();
 });

The above solution works perfectly but I choose to add the following code for them willing to get the clicked option. It allows you get the selected option even when this select value has not changed. (Tested with Mozilla only)

    $('select').find('option').click(function () {
     var optionSelected = $(this);
     var valueSelected  = optionSelected.val();
     var textSelected   = optionSelected.text();
   });