Abstract: A tool retaining device includes a tool stem having a compartment for receiving a tool member, and one or more apertures and one or more openings for receiving one or more detent and one or more locking balls, and a barrel engaged onto the tool stem and having one or more peripheral slots and peripheral recesses for selectively receiving the detents and the locking balls respectively, and the barrel includes a peripheral actuator for actuating the detent to engage with the tool member, and another actuator for actuating the locking ball to rotatably securing the tool member to the tool stem when the peripheral actuator is disengaged from the detent.