A wall mounted tool rack having a plurality of pivotally attachable panels is disclosed. The tool rack includes an open rectangular frame mountable on a vertical wall, wherein the frame includes a number of horizontal mounting apertures which are spaced to match a spacing of a wall stud and accept a fastener used to mount the frame flush to the vertical wall, and a number of pivot apertures. The pivot apertures accept top and bottom pins of a mounting rail which is attached to a panel, and allows the panel to rotate about a vertical axis through at least 120 degrees of rotation. The panels may be composed of peg-board and may accept mounting clips which provide a means to attach or hang tools of different sizes, shapes, and weights to the panel.