A key holder is disclosed which comprises a substantially planar body portion, a substantially circular ring having an open gap therein and rotatably mounted in substantially coplanar relation on the body portion, and a resilient tongue on the body portion. The ring is rotatable between a closed position wherein the open gap faces inwardly toward the body portion, and an open position wherein the open gap faces outwardly to permit the insertion of a key or the like on the ring. When the ring is in the closed position, the tongue normally extends into the gap to prevent the ring from being rotated. However, the tongue is resiliently deflectable away from the plane of the body portion to permit the ring to be rotated to the open position.