Abstract: The tool storage system of the present invention comprises a framework, one or more pivot pins, a plurality of swinging arms, and an attachment assembly for each swinging arm. The framework is configured to attach to the front, top, or end of a conventional tool cabinet or to be constructed as part of a custom tool cabinet. The pivot pins are connected to the framework in a manner that permits their removal. Each swinging arm is connected to an attachment assembly which is pivotally mounted to one of the pivot pins, thereby permitting the swinging arms to pivotally swing from a storage mode to a ready access position. Each swinging arm comprises a magnetic material to which tools may be secured by magnetic attraction. Since the swinging arms swing into a position for ready access, tools may be magnetically secured to both the front and back of each swinging arm. For large and/or heavy tools, two or more adjacent swinging arms may be used to secure the tools.