A handheld toothpaste dispensing system that dispenses single serving portions of toothpaste in preformed shapes includes an outer housing surrounding an interior chamber. To load the dispensing system, a replaceable or refillable disk containing single serving portions of toothpaste assembled in spaced arrangement is inserted into the interior chamber of the dispensing device and is supported on a disk advancing mechanism. In operation, a button on the dispensing device is pressed to operate the disk advancing mechanism, thereby advancing the disk through a partial rotational movement and exposing the subsequent compartment on the disk within a dispensing opening on the housing of the device. The preformed shapes of toothpaste are removed from the disk for brushing by inserting the bristles of the user's toothbrush into the preformed shape of toothpaste and subsequently pulling the toothbrush away from the disk with the single serving toothpaste shape clinging to the bristles.