A magnetic socket wrench connector tip comprises a male connector tip for inserting into the female end of a socket. A magnet is partially embedded in the front face of the tip. The magnet projects far enough from the front face so that, when the tip is attached to a socket and a fastener is positioned in the socket, the magnet is in contact with the fastener to retain it within the socket. In a second embodiment, the tip is longer than a standard tip to enclose the magnet, which is seated flush with the front face of the tip. In a third embodiment, a tube is attached to the front face of the tip. A magnet is slidably positioned within the tube, and partially projecting from its front end. A spring is positioned within the tube and behind the magnet for absorbing shock when a fastener is pushed against the magnet. The magnetic socket wrench connector tip may be provided on any socket wrench tool with a connector tip, including ratcheting handles and extension bars.