Abstract: A drill bit holding system includes a flexible panel that has a top side, a bottom side, a front edge, a rear edge, a first lateral edge and a second lateral edge. The panel comprises a flexible material that has a pair of openings therein extending through the top and bottom sides of the panel. A first opening of the pair of openings is positioned nearer to the first lateral edge and a second opening of the pair of openings is positioned nearer to the second lateral edge. A coupling assembly releasably couples the panel together to form a loop around a drill. The panel has a plurality of sets of apertures therein. Each of the sets includes a first aperture and a second aperture. Drill bits are removably extendable through associated ones of the first and second apertures to secure the drill bits to the panel.