A lock release mechanism for a folding combination tool having a plurality of supplemental tools (e.g., a knife, screwdriver, can opener, etc.) mounted at the free end of a generally U-shaped handle for rotation from a storage position within the handle to an extended “in use” position outside the handle. The locking mechanism is characterized by a leaf spring formed at the free end of the handle that lockingly engages the mounting end or shank of one or more of the supplemental tools when such tool is rotated from the handle to its fully extended position for use. The lock release mechanism preferably includes a bulge, formed on a different supplemental tool, that extends outside the handle so that the bulge may be depressed into the handle by a user. The mounting end of the different supplemental tool includes a leading edge portion that, when the bulge is depressed, moves the leaf spring out of engagement with the mounting end of the locked tool so that the latter is released and may be rotated by the user back into the handle.