An accessory retaining strap for securing an accessory item to an item associated with the accessory. The strap may be formed with a first element joinable to a first element, at an intermediate portion thereof to define a three-band strap. Two bands are cooperatively joined by a Velcro® to secure the strap about the item, while an elastically extensible band is wrapped about the accessory item and cooperatively joined to the retaining strap. Embodiments of the accessory retaining strap is configured to retain the accessory to a firearm, or firearm carrier, such as a holster.