Abstract: A key safe includes an outer housing for housing a key, a releasable mounting assembly, a releasable opening assembly, an electronic code entry pad, and activation circuitry. The releasable mounting assembly releasably mounts the outer housing to a mounting surface so that the outer housing may be completely removed from the mounting surface. The releasable opening assembly permits access to the interior region of the outer housing by permitting the outer housing to be moved from a closed position to an open position. The electronic code entry pad is positioned in one or more of the outer housing walls and is exposed to the exterior of the outer housing so that the code entry pad is accessible to a user for entry of a key code. The activation circuitry is positioned in the interior region of the outer housing and is responsive to the electronic code entry pad for selectively releasing the releasable mounting assembly and the releasable opening assembly.