A modular recessed light system employs a frame which secures a mounting ring on one side of a ceiling opening and receives a ceiling collar with a circumferential flange on the other side of the ceiling opening. The mounting ring and the ceiling collar are clamped to opposing sides surrounding the ceiling opening. The collar mounts a pair of clamp members which engage slots of a light module which is insertable into the ceiling opening and retained in recessed relationship with the ceiling. The light module may be a down light module or an angularly adjustable light module. In addition, a trim assembly, which may have a square trim with a down light lens, a square trim with an angled lens, a circular trim with a down light lens or a circular flange with an angled lens are also each releasably retained to the housing by magnetic bonding. A mud or plaster ring may also be optionally mounted over the circumferential flange of the ceiling collar and secured to the mounting ring.