A combination key lock box comprising a body housing has a storage compartment which has holes to receive the toe of a shackle and the heel of the shackle. The heel or long-leg of the shackle remains inside of the body housing and the toe or short-leg can be moved away from the body to a lock releasing position. The shackle can be released from the body from the locked position to the open position by pushing down on the shackle to turn the dials to a correct combination. The heel of the shackle engages with the hole of the storage compartment cover to prevent the storage compartment from unlocking until the shackle has been released.