A multifunctional and portable magnetic light assembly includes a magnetic base section with a unitary and single body provided with a planar bottom surface and a power cable provided with an adaptor removably mated directly thereto. The assembly further includes a power-operated light-emitting source electrically mated to the power cable and directly coupled to the base section in such a manner that the light-emitting source is selectively adjustable along an arcuate path oriented above the base section. The light emitting source further includes an anchor shaft and an illuminable light source. The assembly further includes a mechanism for removably securing a plurality of existing hand tools to the base section.