Abstract: Disclosed is a magnetic holder for fishing flies in which the flies have a hook including a shank portion, a bend portion, and a point portion. The device includes a base having an upper surface and a lower surface. The upper surface has an array of hook receiving slots formed therein, each slot having a bottom surface, opposing side surfaces, and a substantially completely open top. Each slot has a width and depth sized to receive at least one of the point portion and the bend portion of a hook. At least one magnet is held by the base and positioned such that at least a portion of a surface of a magnet forms at least a portion of the bottom surface of each slot.