A fishing hook retaining apparatus and method, utilizing a retaining apparatus secured to a shaft of a fishing pole. In one embodiment, the apparatus is a sleeve having a magnet in an interior portion thereof, and a channel extending part of the way through an upper portion thereof. A hook is retained therein by the passage of a portion thereof through the channel, and the contacting of the hook with the magnet. The apparatus may be secured to the shaft, in one embodiment, with an O-ring that is looped over two opposing securing members, and about the shaft of the pole. In another embodiment, the apparatus comprises two upwardly angled opposing sides, with a bar interposed therebetween. In a third embodiment, the apparatus comprises a base having retention ends which couple the apparatus to the shaft of the pole. In yet another embodiment, the apparatus is integral with the shaft of the pole.