A tool holding frame has a base and at least one connecting part. The base has a body, a rail, and a magnetic plate. The body has a top, a bottom opposite to the top of the body, an assembling recess formed in the bottom of the body, and multiple positioning pillars protruding inside the assembling recess. The rail is disposed at the top of the body. The magnetic plate is fixed in the assembling recess in an interference fit and has multiple positioning holes respectively disposed on and around the multiple positioning pillars. Each positioning hole is fixed to a corresponding one of the positioning pillars in an interference fit. Each connecting part has a connecting portion and two clamping portions respectively formed at two opposite sides of the connecting portion and respectively engaging with two opposite sides of the rail.