A portable instrument stand has a base, two legs retractably mounted in the base, two arms foldably mounted in the base and a main cover mounted pivotally on the base. While unfolding the instrument stand, the legs, the main cover and the arms are sequentially unfolded in the base to allow a guitar or the like to be held on the arms. While folding the instrument stand, the arms and the legs are respectively stored in the base and the main cover is mounted on the base. The instrument stand is light, aesthetically pleasing, and has no sharp protrusions that may damage instruments being carried with the instrument stand or a person carrying the stand so is convenient.