A surgical magnetic retrieval tool for retrieving objects attractable by a magnet lost in a surgical cavity during a surgical procedure. The tool is a permanent magnet having a size and shape adapted to be placed in and moved through a surgical cavity to attract and hold the objects for retrieval of them from the cavity, and a flexible tether is attached to the magnet for supporting the magnet, pulling it through the cavity, and retrieving the magnet and objects attracted thereto from the cavity. In one form of the invention the magnet is a flexible magnetic sheet; in another form it is a sphere; in another form it is an oblate spheroid; and in another form it is a disc. The tool is disposable following use.