A knife storage and sharpening apparatus including a knife block having a plurality of elongate recesses each for receipt of a different knife and having a recess for receipt of a knife sharpening steel. The apparatus further includes another form of knife sharpening means specifically adapted for receipt in the recess for receipt of the steel. The knife sharpening means can be used to sharpen a knife while it is mounted in the sharpening steel recess. If the knife user prefers to use a sharpening steel, the knife sharpening means may be removed from the knife block to provide storage for the sharpening steel.