Embodiments of the present invention provide a boat plug key system for storing, installing, and removing a boat plug consist of a canister, a canister lid, and a boat plug. The use of a boat plug key system of the present invention reduces the probability of forgetting to install the boat plug when launching the boat or removing the boat plug when taking the boat out of the water and thereby reducing the probability of damage to the boat. The present invention also serves as a key corresponding to a key slot on the boat plug enabling the installation and removal of the boat plug. Additionally, a boat plug key system embodiment of the present invention acts as a key chain and a float creating greater convenience.