A tool storage and transfer mechanism for a tool changer punch press includes a magazine with at least two tool carrying elements located in spaced positions about its periphery adapted to releasably seat punch tooling. The magazine is mounted for rotation about a horizontal axis which is spaced below the plane of the work support surface of the punch press with the distance being dimensioned to locate the tool carrying elements in horizontal alignment with the tool mounting receptacles of the punch press when the magazine is rotated to locate them in the uppermost position. A peripheral portion of the magazine is of reduced radial dimension so that it will not extend above the plane of the workpiece support surface of the press when rotated into the uppermost position. A transfer mechanism effects the transfer of tooling between the uppermost tool carrying element of the magazine and the tool mounting receptacle of the punch press. In the preferred embodiment, the transfer mechanism effect horizontal motion of at least a portion of the magazine relative to the frame to move the tooling to and from the tool mounting receptacles.