A fastener extraction ratchet bit system for facilitating extraction of stripped fasteners by permitting attachment of extraction bits to an air drive ratchet. The system includes a driving tool and a fitting coupled to and extending from the driving tool. A drill socket is coupled to a drill bit wherein the drill bit is selectively couplable to the fitting such that the driving tool provides a driving force to the drill bit. An extraction socket is coupled to an extraction bit wherein the extraction bit is also selectively couplable to the fitting such that the driving tool provides the driving force to the extraction bit.