A tool bit storage and retrieval device includes a housing, a caddy configured to slideably engage an interior of the housing and to removeably receive a plurality of tool bits, and a magnet affixed to the caddy and configured to attract the plurality of tool bits. The caddy is moveable between an open position and a closed position. The closed position is defined by the caddy being substantially contained by the housing. The open position is defined by the caddy being translated outwardly from the housing. The plurality of tool bits are moveable between a first position when the caddy is in the open position, and a second position when the caddy is in the closed position.