A cover fastening system for affixing a cover to an object, e.g., a boat. A generally U-shaped retaining clip is affixed to the cover and is sized to fit about and selectively engage an outwardly protruding portion of the boat. In one embodiment, the retaining clip engages an aluminum extruded rail positioned generally about the perimeter of the boat. The retaining clip includes a retaining clip hook and the outwardly extending portion of the boat includes a protrusion. The retaining clip hook engages the protrusion to hold the retaining clip in place. The retaining clip hook is preferably positioned on a leg of the generally U-shaped retaining clip, which, in use, maintains a generally horizontal position. With this configuration, a generally horizontal force may be applied to the retaining clip to operably position same and engage the retaining clip hook with the protrusion. The retaining clip is provided with a release handle so that application of force to the release handle will disengage the retaining clip hook from the protrusion and allow for removal of the boat cover. When used in conjunction with a boat, a plurality of retaining clips are spaced about the perimeter of the cover to allow for engagement of the cover generally about the perimeter of the boat.