Abstract: A wedge anchor setting tool has a drill bit component having a drill tool receiving member and a drill bit member. A polygonal shaped element is located between the two members. A sheath component has an open passage and an opening at the terminus of each end. The first end has a polygonal shape which conforms to the polygonal element and the second end having a polygonal shape which conforms to the shape of the wedge anchor. The method of installation using the tool includes drilling a channel into a wall using the drill bit component. The sheath component is then inserted over the drill bit component and a wedge anchor is inserted into the smaller opening at the second end of the sheath component. The wedge anchor is then drilled into the wall and tightened by the drilling tool to secure an attachment member to the wall.