Various configurations of Lace Ratchet Device (LRD) enables easy lace fastening and release. The LRD has two positions: “active” and “inactive”. In the active position the device works as a lace ratchet i.e. allowing the lace to be pulled forwards but blocks any lace motion backwards. After fastening the lace remains fastened until the LRD is switched into inactive position by pressing a lever. Each LRD has a turning gate with front end with sharp edge, rotatably installed in a channel. A preloaded helical torque spring keeps the LRD in active position when the lever is not pressed. Unlike prevalent lace fasteners with serrated surfaces, which cause accelerated lace wear, LRD's smooth front edge side and channel surfaces minimize lace wear. Parallel and triangular configurations of LRD pairs facilitates lace fastening of footwear, serving as “Ratchet Buckles”. Single LRDs can be used for fastening of garments and other objects.