Abstract: An adjustable combination lock key safe includes telescoping inner and outer stamped sheet metal cylinders, the outer of which releasably carries a U-bolt shackle for securing the key safe to a mounting member such as a door knob and the inner of which carries locking means adapted to lockingly engage the shackle and outer cylinder to thereby maintain a secured relationship therebetween, the inner cylinder including a storage area for retaining contents such as a key or other desired limited access articles and having a multiple disc combination lock with an outer knob and dial for effecting release of the locking means and an inner adjustable dial for changing the combination of the lock whereby the key depositor may select a unique combination so as to provide limited access to the key safe for use of the contents therewithin.