A drying rack assembly for drying baby bottle components features a drying rack and a drip pan which supports the drying rack. The drying rack suitably is porous, with tubular support posts extending upwardly from a support surface thereof, and the drip pan suitably has a draining configuration in which liquid caught by the drip pan drains out of the drip pan and a collecting configuration in which liquid caught by the drip pan remains within the drip pan. The drying rack assembly is suitably configured such that multiple such drying rack assemblies can be stacked on top of each other in a drying rack system. In another configuration, the drying rack is of one-piece construction, with a plurality of support posts and a plurality of longer stacking posts extending from a support surface of the drying rack. The one-piece configuration is designed for stacking of multiple such drying racks.