A drill case (10) includes a case box (20) having a longitudinally elongated rectangular cross-sectional shape closeable at one transverse end thereof by a lid (23). The case includes a slidably removable longitudinally elongated drill stand base (50) having in the upper surface thereof a plurality of longitudinally disposed, laterally spaced apart grooves (51) for receiving rectangular block-shaped drill stands (60) having longitudinally spaced apart vertical bores (61) for receiving drill bits (1). Stand base (50) has protruding outwardly from opposite lateral sides thereof a pair of parallel longitudinally disposed ribs (52) which are slidably receivable in a pair of upper or lower grooves (27) and (28) formed in the inner side walls of box (20), depending on whether short or long shank drill bits are contained in stands (60). Case (10) includes a shank retainer (70) for protecting the tips, including the cutting lips and points, of drill bits in drill stands (60), the retainer having through its thickness dimension a plurality of longitudinally and vertically disposed grooves (72) for receiving the tips of drill bits. Retainer (70) has a front end provided with a transversely disposed, front upper web (73F), and a rear end having a rear lower web (73R). Grooves (72) in retainer (70) have tapered lower entrance openings (90) for receiving the tapered transition section (5) between a drill bit shank (3) and tip (2), and cylindrical upper entrance openings (89) for receiving the shanks of drill bits. Two pairs of longitudinally disposed ribs (74) protruding from both upper and lower edges of retainer (70) are engageable with grooves (30) in box (20) with the retainer in either an upright or inverted position, thus configuring the case with tapered entrance openings facing downward to receive tapered transition sections of drill bits and thereby limit their movement, or with the cylindrical openings facing downward to receive the shanks of bits provided with insertion depth limiting rings.