A wall magnet anchor system is used to install magnetic anchors in wall material that can be used to magnetically hold an object to the wall, thereby avoiding the need to a conventional hook that protrudes from the surface of the wall. The anchor can include a helical thread to hold the anchor in the wall. An installation tool includes a cutting features at one end for cutting a hole in a wall to receive an anchor, and an installation feature that engages the anchor and allows a user to drive the anchor, through rotation, into the hole cut by the cutting features.