A firearm magazine storage rack for holding firearm magazines is shown. The rack includes a housing having a back wall with a top edge, a bottom edge, opposing side edges and a bottom wall extending perpendicularly from the bottom edge. A plurality of bottom engagement assemblies extend from the back wall positioned proximate the top edge and a plurality of top engagement assemblies extend from the back wall positioned proximate the bottom edge. Each of the plurality of top engagement assemblies is positioned above a corresponding one of the plurality of bottom engagement assemblies with a space therebetween.