The invention relates to a bit holder for a road milling machine or the like, having a base part on which a bit shank and a projection are shaped, the projection comprising a bit receptacle, and the bit receptacle being constituted from a socket-shaped insert made of hard material. With a bit holder of this kind, good rotational behavior of the bit can be assisted and stable bracing thereof can be guaranteed, with little parts outlay, if provision is made that the bit receptacle is embodied as a stepped bore that comprises a first and a second diameter region, the first diameter region having a larger inside diameter than the second diameter region.