A fastener storage and display cabinet includes a housing defining an internal space, with a plurality of tray units positioned within the internal space. Each tray unit is movable between a closed position primarily within the internal space and an extended position in which a majority of the tray unit is cantilevered forward of the housing. At least one tray unit is formed as a telescoping tray assembly comprising an upper tray component and a lower tray component, wherein the upper tray component fits within the lower tray component and is movable with respect to the lower tray component between a first position nested within the lower tray component and a second position cantilevered forwardly from the lower tray component.