A method and apparatus for retaining one or more magazines, such as those used in conjunction with firearms. The apparatus of the present invention retains the magazine in a secure manner while enabling a user to rapidly remove the magazine with little effort. The apparatus is preferably made from a rigid material. In one embodiment one or more of the sides of the housing of the magazine retainer are hingable. In another embodiment, one or more of the sides is flexible. The present invention also preferably provides an oversized floor-plate for the magazine, thus providing the user with a larger gripping surface and thus facilitating extraction of the magazine from the retainer.