Abstract: According to the present invention there is provided a portable, wall mountable tool storage system and kit comprising a container formed with a substantially rigid base, two side walls, a front panel and a rear panel. Each of the panels is pivotally articulated to the base and each has a free end adapted for securing at a top side of the container. A plurality of various articles retaining elements is provided at least within the container. The tool storage system further comprises at least one carrying element for carrying the tool system at a substantially upright position, and at least one wall mounting arrangement for retaining the tool storage system at a substantially horizontal wall mounted position.