Abstract: A fly fisherman's lure holder including a multiplicity of permanently adjoined tubular compartments each having an open and a closed end for the purpose of holding fishing lures and more particularly for holding those lures used in fly fishing. The lure holder has annular permanent magnets affixed to the open end of each tubular compartment. In use, a lure placed in a compartment is removed by inverting the compartments thereby having the open ends pointing downward. The lures contained therein are prevented from falling out by the force of the permanent magnet which captures the lure and affixes it to the tube interior sidewall such that a portion of the lure remains outside the tube open end. The portion of the lure outside the tube is grasped by the fisherman and the lure is readily extracted for use.