Abstract: A combination elastic bookmark and holder for writing instruments is provided which functions to mark a location in a book and also releasably to secure a pen, pencil or other writing instrument or plurality thereof in a receiving holding means constituting a portion of the bookmark which may be preferably positioned on the exterior side of the book when in use. The portion of the combination bookmark and writing instrument holder which encircles the book is made of an elastic material so that it is adapted to hold securely a portion of the book in a separated position from the remainder of the portion of the book. The portion of the combination bookmark and writing instrument holder which is adapted to receive and hold the writing instrument may likewise be made of an elastic material and consists of two portions, each of which is adapted to receive and releasably hold the writing instrument at spaced positions along its length adjacent to the portion of the device which is used to separate the book pages.