An electrical test lead for use with a multi-meter has a fuse assembly adapted to releasably hold a fuse in-line of the electrical wire connecting ends of the electrical test lead. The fuse assembly may be permanently attached to the electrical test leads or may be releasably attached at one or both ends thereof to electrical test lead sections. The fuse assembly includes a fuse holder that is preferably clear to see the replaceable fuse therein in order to determine whether the fuse has blown. The electrical test lead has a fuse assembly holding a replaceable fuse electrically connected to and situated between a first test lead section terminating in a test lead plug that is adapted to be received in a test lead receptacle of a multi-meter and a second test lead section terminating in one of an electrical test probe and a test lead receptor adapted to receive a test lead tool.