<PAGE>   1

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-K

                 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE FISCAL YEAR ENDED JUNE 30, 2001           COMMISSION FILE NUMBER 0-18927

                         TANDY BRANDS ACCESSORIES, INC.
             (Exact Name of Registrant as Specified in its Charter)

<Table>
<S>                                            <C>
            A DELAWARE CORPORATION                               75-2349915
       (State or other jurisdiction of                        (I.R.S. Employer
        incorporation or organization)                     Identification Number)
</Table>

                         690 E. LAMAR BLVD., SUITE 200
                            ARLINGTON, TEXAS, 76011
                    (Address of Principal Executive Offices)

      (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE) (817) 548-0090

          SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
                                      NONE

          SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:

                                 TITLE OF CLASS

                    Common Stock, Par Value $1.00 Per Share

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.  Yes [X]     No [ ]

     Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K.  [X]

     The aggregate market value of the voting stock held by non-affiliates of
the registrant (based on the closing price of such stock as reported on
September 17, 2001, through the National Market System of the National
Association of Securities Dealers Automated Quotation System) was approximately
$29,737,000.

     There were 5,926,462 shares of common stock, $1.00 par value per share,
outstanding on September 17, 2001.

                      DOCUMENTS INCORPORATED BY REFERENCE:

(a) Annual Report to Stockholders for Fiscal Year Ended June 30, 2001
    (incorporated by reference in Parts II and IV).

(b) Definitive Proxy Statement for the Annual Meeting to be held October 16,
    2001 (incorporated by reference in Part III).

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<PAGE>   2

                TANDY BRANDS ACCESSORIES, INC. AND SUBSIDIARIES

                                   FORM 10-K

                                     PART I

ITEM 1.  BUSINESS.

     Tandy Brands Accessories, Inc. (the "Company") is a leading designer,
manufacturer and marketer of branded men's, women's and children's accessories,
including belts and small leather goods such as wallets. The Company's product
line also includes handbags, socks, scarves, gloves, hats, hair accessories,
suspenders and cold weather accessories. Tandy Brands' merchandise is marketed
under a broad portfolio of nationally recognized licensed and proprietary brand
names, including Dockers(R), Jones New York(R), Florsheim(R), Perry Ellis(R),
Rolfs(R), Haggar(R), Woolrich(R), Jordache(R), Bugle Boy(R), Canterbury(R),
Prince Gardner(R), Princess Gardner(R), Amity(R), Don Loper(R), Accessory Design
Group(R), Tex Tan(R) and Tiger(R), as well as private brands for major retail
customers. The Company sells its products through all major retail distribution
channels throughout the United States and Canada, including mass merchants,
national chain stores, department stores, grocery stores, men's and women's
specialty stores, golf pro shops, sporting goods stores and catalogs.

     On January 18, 2001, the Company acquired all of the outstanding common
stock of Stagg Industries, Inc. ("Stagg") for approximately $2,750,000 in cash
plus contingent consideration of up to $250,000. The cash purchase price was
provided by drawing on existing bank lines. Stagg is a distributor and marketer
of men's and children's belts, neckwear, small leather goods and other
accessories to various department stores and specialty retailers.

     On April 17, 2001, the Company acquired certain assets of Torel, Inc.
("Torel") for an aggregate purchase price of $861,000 including
acquisition-related costs. The assets included, but were not limited to,
wholesale accounts receivable, wholesale inventory, certain machinery and
equipment and a 76,000 square foot building located in Yoakum, Texas. The
purchase price was comprised of $558,000 in cash and 54,167 shares of Company
issued common stock valued at $303,000. Torel is a manufacturer and distributor
of men's belts and sporting goods accessories.

     The Company is deeply saddened by the unexpected terrorist attacks and
tremendous loss our country endured on September 11, 2001. Given the uncertainty
of the economic impact of the events of September 11, 2001, we cannot predict at
this time whether future orders will be adversely affected during fiscal 2002.

                                        2
<PAGE>   3

     The Company seeks increased accessory sales and earnings through a variety
of means, including increased sales through the Company's current operating
units, as well as growth through the acquisition of similar businesses. The
following chart summarizes the Company's acquisitions:

<Table>
<Caption>
                    NAME OF BUSINESS OR
DATE ACQUIRED         ASSETS ACQUIRED         PRODUCT LINES         BRANDS ACQUIRED
-------------       -------------------       -------------         ---------------
<S>                 <C>                    <C>                    <C>
May 1, 1992         Accessory Design       Women's accessories    Accessory Design
                    Group                  and Belts              Group
June 1, 1993        Durite Leather Goods   Women's apparel and    Various private
                                           Accessories            brands
November 29, 1993   Accolade, Inc.         Men's and boys'        Always In Style(1)
                                           belts and
                                           Accessories
April 4, 1994       Certain assets of      Men's and women's      Prince Gardner
                    Prince Gardner         small leather goods    Princess Gardner
                    Incorporated                                  Royalle by Prince
                                                                  Gardner
                                                                  Royalle by Princess
                                                                  Gardner
August 30, 1994     H.A. Sheldon, Inc.     Men's belts, wallets   Various private
                                           and Suspenders         brands
May 1, 1995         Canterbury Belts,      Men's, women's and     Canterbury
                    Ltd.                   children's leather
                                           and fabric
                                           accessories
May 12, 1998        Certain assets of AR   Men's and women's      Amity Rolfs
                    Accessories Group,     small leather goods
                    Inc.
June 1, 1998        Tiger Accessories,     Men's and boys'        Tiger
                    Inc.                   belts
July 16, 1999       Frank Spielberg        Handbags               Coletta, Decca &
                    Sales, LLC                                    Tempo
January 18, 2001    Stagg Industries,      Men's and children's   Stagg
                    Inc.                   belts, wallets and
                                           neckwear
April 17, 2001      Certain assets of      Men's belts and        Torel
                    Torel Inc.             sporting goods
                                           accessories
</Table>

---------------

(1) On March 27, 1995 the Company announced its decision to discontinue its
    Always In Style operations.

                                        3
<PAGE>   4

     The Company distributes its products to nearly every type and size of
retail operation. The Company's key brands and each brand's targeted
distribution channels and products are as follows:

<Table>
<Caption>
                  BRAND                    DISTRIBUTION CHANNEL         PRODUCTS
                  -----                    --------------------         --------
<S>                                        <C>                     <C>
Dockers(R)...............................  National chain stores   Belts
                                           Department stores       Handbags
                                           Specialty stores        Small leather goods
Jones New York(R)........................  Department stores       Belts
                                           Specialty stores        Small leather goods
Florsheim(R).............................  Department stores       Belts
                                           Specialty stores        Small leather goods
Perry Ellis(R)...........................  Department stores       Belts
                                           Specialty stores
Rolfs(R).................................  Department stores       Small leather goods
                                           Specialty stores
Haggar(R)................................  National chain stores   Belts
                                           Specialty stores        Small leather goods
                                           Catalogs
Woolrich(R)..............................  Department stores       Belts
                                           Specialty stores        Small leather goods
Jordache(R)..............................  National chain stores   Belts
Bugle Boy(R).............................  National chain stores   Belts
                                           Department stores       Small leather goods
Canterbury(R)............................  Specialty stores        Belts
                                           Golf pro shops          Small leather goods
Prince Gardner(R)........................  National chain stores   Small leather goods
                                           Specialty stores
Princess Gardner(R)......................  National chain stores   Small leather goods
                                           Specialty stores
Amity(R).................................  Mass merchants          Small leather goods
                                           National chain stores
Coletta(R)...............................  Mass merchants          Handbags
                                           National chain stores
Accessory Design Group(R)................  Mass merchants          Belts
                                           National chain stores   Women's accessories
Tiger(R).................................  Mass merchants          Belts
                                           National chain stores
Stagg(R).................................  Mass merchants          Belts
                                           National chain stores   Small leather goods
</Table>

     The accessories market is highly fragmented, and management believes that
the Company is one of the largest competitors in the accessories industry.
Management believes the sectors of the accessories market that the Company
serves have grown at an average annual rate of three to five percent in recent
years. This growth has resulted from (i) the trend toward more casual attire,
which has increased demand for accessories outside the traditional dress
category, (ii) increased consumer awareness of branded accessories as a fashion
and lifestyle statement and (iii) a desire for newness and change in accessories
styles. As a result of recent consolidation in the retail industry, retailers
have increasingly chosen to consolidate their supply bases to a core group of
companies that have the resources and expertise to meet the retailers'
increasing demands. Over the past several years, the Company's net sales growth
has exceeded that of the accessories industry and the Company believes it is
better positioned than its competitors to continue to capitalize on these market
trends.

                                        4
<PAGE>   5

PRODUCTS

<Table>
<C>                                                   <S>
                                                      The Company's primary products are belts and
                                                      small leather goods, such as wallets, which
                                                      accounted for approximately 49.7% and 25.8%,
                                                      respectively, of the Company's net sales for
                                                      fiscal 2001. The Company's other products
                                                      include women's handbags, socks, scarves,
                                                      gloves, hats, hair accessories and men's
                                                      neckwear, suspenders and other fashion
                        Graph                         accessories, which collectively accounted for
                                                      the remaining 24.5% of net sales in fiscal 2001.
                                                      Men's and boys' products accounted for
                                                      approximately 56.3% of net sales during fiscal
                                                      2001, and women's and girls' products accounted
                                                      for approximately 43.7% of net sales during the
                                                      same period. Proprietary brands, licensed brands
                                                      and private brands accounted for approximately
                                                      39.4%, 6.3% and 54.3%, respectively, of net
                                                      sales during fiscal 2001.
</Table>

Belts

<Table>
<C>                                                   <S>
                                                      The Company and its predecessors have been
                                                      manufacturing and marketing belts for over 70
                                                      years, and belts remain the Company's largest
                                                      single product category, representing
                                                      approximately 49.7% of net sales in fiscal 2001.
                        Graph                         The Company competes in all four categories of
                                                      the belt market: casual, work, dress and
                                                      fashion. In fiscal 2001, Tandy Brands
                                                      manufactured approximately 29.2% of the men's
                                                      belts it distributed and imported the balance
                                                      from China, Guatemala and various other
                                                      countries.
</Table>

     The continuing trend toward casual attire has created an increasing demand
for belts other than those in the traditional dress category. However, trends in
women's fashion dress categories that have created design offerings that do not
require a belt have been attributable to sales weakness in certain categories of
women's belts. The Company's belt sales were $98.9 million in fiscal 2001, which
represents an increase of 6.3% compared to fiscal 2000. In fiscal 2001, sales of
men's and boys' belts represented $80.5 million, or 81.4% of total belt sales,
and women's and girls' belts represented $18.4 million, or 18.6% of total belt
sales.

Small Leather Goods

<Table>
<C>                                                   <S>
                                                      The Company's small leather goods consist
                                                      primarily of men's and women's wallets sold
                                                      under licensed and proprietary brands. The
                        Graph                         Company's small leather goods are primarily
                                                      sourced from manufacturers in foreign countries,
                                                      such as China, due to the labor-intensive nature
                                                      of manufacturing small leather goods and the
                                                      relative low cost of labor in those countries.
</Table>

     Sales of small leather goods accounted for approximately $51.4 million, or
25.8% of Tandy Brands' net sales in fiscal 2001. In fiscal 2001, sales of men's
and boys' small leather goods represented $26.3 million, or 51.1% of total small
leather goods sales, and women's and girls' small leather goods represented
$25.1 million, or 48.9% of the Company's total small leather goods sales.

                                        5
<PAGE>   6

Other Accessories

     In addition to belts and small leather goods, Tandy Brands distributes
accessories such as women's handbags, socks, scarves, gloves, hats, hair
accessories and men's suspenders. These products are marketed under certain of
the Company's proprietary brands, licensed brands and private brands. These
other accessories complement the Company's core belt and small leather goods
products. All other accessory items sold by the Company are purchased by the
Company from foreign and domestic sources and are manufactured according to the
Company's design specifications. In fiscal 2001, Tandy Brands' sales of other
accessories totaled $48.6 million, or 24.5% of its net sales.

PROPRIETARY BRANDS

<Table>
<C>                                                   <S>
                                                      In addition to its licensed and private brands,
                                                      Tandy Brands produces and markets products under
                                                      its own registered trademarks and trade names.
                                                      The Company owns leading and well recognized
                                                      trademarks such as Rolfs, Amity, Canterbury,
                                                      Tiger, Accessory Design Group, Prince Gardner,
                                                      Princess Gardner, Royalle by Prince Gardner, and
                       (CHART)                        Royalle by Princess Gardner. The Company intends
                                                      to build on the success of its proprietary brand
                                                      portfolio by pursuing additional ownership
                                                      opportunities and expanding the assortment of
                                                      products offered and the retail channels served
                                                      by its proprietary brands. Net sales under the
                                                      Company's proprietary brands were approximately
                                                      $78.3 million, or 39.4% of the Company's net
                                                      sales in fiscal 2001.
</Table>

EXCLUSIVE LICENSE AGREEMENTS

     Tandy Brands has been awarded exclusive license agreements for several well
recognized brands, including Dockers(R), Jones New York(R), Florsheim(R), Perry
Ellis(R), Bugle Boy, Haggar(R), Woolrich(R), Jordache(R), Tex Tan(R) and Botany
500(R). Generally, these license agreements cover specific products and require
that the Company pay annual royalties, ranging from two to eight percent of net
sales, based on minimum sales quotas or sales. The terms of the agreements are
typically four to ten years, with options to extend the terms, provided certain
sales or royalty minimums are achieved. For fiscal 2001, sales of the Company's
licensed products accounted for approximately 6.3% of the Company's net sales,
with no sales associated with any individual license agreement accounting for
more than five percent of net sales.

PRIVATE BRAND PRODUCTS

     In fiscal 2001, private brand products accounted for approximately $108.1
million, or 54.3% of the Company's net sales. Private brand programs offer the
Company's customers exclusivity and pricing control over their products, both of
which are important factors in the retail marketplace. Management believes that
the Company's flexible sourcing capabilities, advanced electronic inventory
management and replenishment systems and design, product development and
merchandising expertise provide retailers with a superior alternative to direct
sourcing of their private brand products. The Company's principal private brand
programs include those for leading retailers such as Wal-Mart, JCPenney, Sears,
and Target and nationally recognized private brand names such as Farah, Faded
Glory, No Boundaries, Kathy Lee, Arizona, Jacqueline Ferrar, St. John's Bay, and
Xhilaration, Mossimo and Cherokee.

CUSTOMERS

     The Company sells its products through all major retail distribution
channels throughout the United States and Canada, including mass merchants,
national chain stores, major department stores, grocery stores, men's and
women's specialty stores, golf pro shops, sporting goods stores and catalogs.
The Company maintains strong relationships with major retailers in the United
States and Canada, including Wal-Mart,
                                        6
<PAGE>   7

Target, Meijer's, Shopko, AAFES, Sears, JCPenney, Kohl's, May Department Stores,
Dillard's, Mervyn's and Federated Department Stores. For fiscal 2001, Wal-Mart
and Target represented 38.0% and 10.0% of the Company's net sales, respectively.
In fiscal 2001, the Company's top ten customers accounted for approximately
68.8% of net sales.

     The Company had firm backlog orders for fiscal years 2001 and 2000 totaling
$9,065,000 and $9,914,000, respectively. Shipment of backlog orders in fiscal
2001 is subject to product availability prior to customer order cancellation
dates. The Company currently uses electronic data interchange ("EDI") for
electronic communications of invoices, shipping notices, purchase orders and
other transactions. Due to the rapid fulfillment of EDI orders, the backlog at
June 30, 2001 may not be indicative of future quarterly results.

SALES, MARKETING AND CUSTOMER SERVICE

     Management believes that the success of Tandy Brands has resulted in large
part from the Company's strong customer relationships, strong sales and
marketing organization and superior customer service, including "quick response"
distribution, vendor inventory management services, EDI capabilities and
expertise in the communication of fashion and lifestyle concepts through product
lines and innovative point-of-sale presentations. The Company's accounts are
developed and maintained through the coordinated efforts of senior management,
regional managers, account executives and an organization of salespeople and
independent sales representatives. Relationships with certain of the Company's
national accounts such as Wal-Mart, Shopko, Kohls, Dillard's, JCPenney, Sears,
Meijer's and Target are managed by senior management or senior account
executives.

     Senior managers are responsible for generating profitable performance
results by developing, planning, selling and implementing merchandise programs
for their accounts. Individual senior managers develop and maintain business
relationships with customers' buyers and merchandise managers. Senior managers
also develop and propose comprehensive programs relating to product, pricing and
fixturing and assist customers' buyers and merchandise managers in the
implementation of these programs. The implementation of marketing programs is
coordinated through the efforts of senior and regional managers. Senior managers
are compensated based on a combination of salary and bonus tied to various
measures of profitability and sales performance.

     The Company's in-store customer service relationships with various
specialty stores, national chain stores and major department stores are
maintained by a nationwide team of more than 70 sales associates in the United
States and approximately 20 sales associates in Canada, who are organized on a
regional basis and supervised by regional sales managers. Sales associates are
responsible for overseeing accounts within a defined geographic territory,
developing and maintaining business relationships with their respective
customers, preparing and conducting line presentations and assisting customers
in the implementation of programs at the individual store level. In addition,
sales associates may, depending upon the needs of an individual customer, assist
in the maintenance and presentation of merchandise on the selling floor. The
Company's regional sales organization is supported by account executives. Sales
personnel other than senior managers generally are compensated based on a
combination of salary and commission.

MERCHANDISING AND PRODUCT DEVELOPMENT

     The Company's product development and merchandising professionals work
closely with customers, suppliers and Tandy Brands' licensors to interpret
market trends, develop new products and create and implement comprehensive
merchandising programs which consist of packaging and point-of-sale fixturing
and presentation materials. The Company believes that its ability to design all
of its products internally represents a significant competitive advantage
because retail customers have become increasingly reliant on the design and
merchandising expertise of their suppliers.

COMPETITION

     Competition in the fashion accessories industry is intense. The Company's
ability to remain competitive depends largely on its ability to maintain its
customer relationships, create new designs and products and offer
                                        7
<PAGE>   8

high quality merchandise at popular prices. The Company's men's and boys' belt
business competes with a large number of companies, including Swank,
Randa/Humphreys, Leegin, Max Leather and Salant. The Company's men's wallet
business also competes with a large number of competitors, including Buxton,
Randa/Humphreys, Mundi and Fossil. In women's and girls' belts, the Company
competes primarily with Cipriani, Liz Claiborne, Circa and Fossil. The women's
handbag business competes with Nine West, Liz Claiborne, Kenneth Cole, Fossil,
Guess and others, while the women's personal leather goods business competes
with Buxton, Mundi, Fossil, Liz Claiborne, Nine West and others.

     Tandy Brands competes on the basis of customer service, brand recognition,
product quality and price. The Company believes that its ability to compete
successfully is based on its strong customer relationships, superior customer
service, strong national brand portfolio, national distribution capabilities,
proprietary inventory management systems, flexible sourcing and product design
and innovation.

RAW MATERIALS AND SUPPLIERS

     The major raw materials for the Company's products are readily available
from a variety of foreign and domestic sources. In fiscal 2001, the Company
sourced certain finished products representing approximately 86% of its net
sales from outside manufacturers, both domestic and foreign. The Company has
strong relationships with a number of high quality, low-cost foreign
manufacturers who provide particularly labor-intensive products, such as small
leather goods, manufactured to the Company's specifications.

MANUFACTURING OPERATIONS

     The Company's manufacturing facilities are located in Yoakum, Texas and
Scarborough, Ontario. The Yoakum, Texas, facility has the capacity to
manufacture approximately 5.3 million belts per year. During fiscal 2001, Tandy
Brands' manufacturing facilities operated at approximately 74.6% of capacity.
The Company continually seeks to increase the automation of its manufacturing
operations. The Company believes that it is one of the lowest-cost domestic belt
producers because of its automated equipment, large production volumes and
economies of scale in raw materials and finished goods sourcing.

GOVERNMENTAL REGULATIONS

     Many of the Company's products are manufactured in countries other than the
United States. Accordingly, those countries and the United States may from time
to time modify existing quotas, duties, tariffs, or import restrictions, or
otherwise regulate or restrict imports in a manner which could be material and
adverse to the Company. In addition, economic and political disruptions in Asia
and other parts of the world from which the Company imports goods could have an
adverse effect on the Company's ability to maintain an uninterrupted flow of
products to its major customers.

     Due to the fact that the Company sells its products to retail exchange
operations of the United States military, and thus is a supplier to the federal
government, the Company must comply with all federal statutes applicable to
federal government suppliers.

EMPLOYEES

     The Company had approximately 1,124 employees as of June 30, 2001. The
Company believes that employee relations are generally good.

ITEM 2.  PROPERTIES.

     The Company owns and operates the various facilities in Yoakum, Texas,
which are used for leather product manufacturing, product distribution and
administrative offices. The Company leases facilities in Scarborough, Ontario,
which are used for the manufacture and distribution of leather goods.
Additionally, the Company leases warehouse space in Dallas, Texas, and office
space in Arlington, Texas, New York, New York, San Francisco, California, St.
Louis, Missouri, Birmingham, Alabama and Hong Kong. The Company has a renewal
option for its corporate office space in Arlington. The Company owns the West
Bend, Wisconsin

                                        8
<PAGE>   9

facility which is utilized for the distribution of small leather goods and
handbags. Management believes Tandy Brands' various properties are adequate and
suitable for the particular uses involved.

     The total space owned, leased and occupied by the Company as of June 30,
2001, was as follows:

<Table>
<Caption>
                                                            APPROXIMATE SQUARE FEET
                                                          ---------------------------
                                                           OWNED    LEASED     TOTAL
                                                          -------   -------   -------
<S>                                                       <C>       <C>       <C>
Warehouse and Office....................................  496,000   254,000   750,000
Factory.................................................   63,000    27,000    90,000
                                                          -------   -------   -------
Total...................................................  559,000   281,000   840,000
                                                          =======   =======   =======
</Table>

ITEM 3.  LEGAL PROCEEDINGS.

     The Company is not involved in any material pending legal proceedings,
other than ordinary routine litigation incidental to the Company's business. No
material legal proceedings were terminated during the fourth quarter of the 2001
fiscal year.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

     There were no matters submitted to a vote of security holders during the
fourth quarter of the 2001 fiscal year.

                                    PART II

ITEM 5.  MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS.

     (a) The principal market for the registrant's common stock is the NASDAQ
National Market System. The high and low bid information for the Company's
common stock for each full quarterly period within the two most recent fiscal
years appears on page 28 of the Company's 2001 Annual Report to Stockholders,
which information is incorporated herein by reference.

     (b) The approximate number of record holders of common stock on September
17, 2001, was 1,004.

     (c) The Company has never paid a cash dividend on its Common Stock. The
Company currently intends to retain its earnings for the foreseeable future to
provide funds for the expansion of its business. The payment of dividends in the
future will be at the sole discretion of the Board of Directors and will depend
upon the Company's profitability, financial condition, capital needs, future
prospects, contractual restrictions and other factors deemed relevant by the
Board of Directors. The Company's existing credit agreement currently contains
covenants that restrict the payment of dividends.

ITEM 6.  SELECTED FINANCIAL DATA.

     The information required by this item appears on page 28 of the 2001 Annual
Report to Stockholders, which information is incorporated herein by reference.

ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS.

     The information required by this item appears on pages 24 through 27 of the
2001 Annual Report to Stockholders, which information is incorporated herein by
reference.

ITEM 7A.  QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET RISK.

     The Company is subject to interest rate risk on its long-term debt. The
Company manages its exposure to changes in interest rates by the use of variable
and fixed interest rate debt. In addition, the Company has hedged its exposure
to changes in interest rates on a portion of its variable debt by entering into
an interest rate swap agreement to lock in a fixed interest rate for a portion
of these borrowings. During fiscal 1999, the

                                        9
<PAGE>   10

Company entered into a five-year interest rate swap agreement, which would have
expired on November 17, 2003, converting $15,000,000 of outstanding indebtedness
from a variable to a fixed interest rate. Interest differentials paid or
received because of the swap agreement are reflected as an adjustment to
interest expense over the related debt period. The interest rate swap agreement
represents a valid cash flow hedge under Statement No. 133. The potential impact
of market conditions on the fair value of the Company's indebtedness is not
expected to be material. Given that such lines of credit bear interest at
floating market interest rates, the fair value of amounts borrowed thereunder
approximates carrying value.

     On July 1, 2001, the Company entered into a new interest rate swap
agreement which expires on June 27, 2004, converting $30,000,000 of outstanding
indebtedness from a variable to a fixed interest rate. In connection with the
new swap agreement, the $15,000,000 swap agreement dated November 17, 1998, was
terminated by the Company for immaterial consideration.

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

     The information required by this item appears on pages 7 through 28 of the
2001 Annual Report to Stockholders, which information is incorporated herein by
reference. Following is a cross reference for location of the requested
information:

<Table>
<Caption>
                                                               PAGE NUMBER IN
                                                                  THE TANDY
                                                                   BRANDS
                                                              ACCESSORIES, INC.
                                                                 2001 ANNUAL
                                                                  REPORT TO
                                                                STOCKHOLDERS
                                                              -----------------
<S>                                                           <C>
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Consolidated Statements of Income for the Years Ended June
  30, 2001, 2000 and 1999...................................            7
Consolidated Balance Sheets at June 30, 2001 and 2000.......            8
Consolidated Statements of Cash Flows for the Years Ended
  June 30, 2001, 2000 and 1999..............................            9
Consolidated Statements of Stockholders' Equity for the
  Years Ended June 30, 2001, 2000 and 1999..................           10
Notes to Consolidated Financial Statements..................        11-22
Selected Unaudited Quarterly Financial Data.................           22
Report of Independent Auditors..............................           23
Selected Financial Data.....................................           28
</Table>

ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE.

     None.

                                    PART III

ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.

     The information required by this item appears under the captions
"Re-Election of Directors," "Other Information You Need to Make a
Decision -- Who are our executive officers?" and "Security Ownership of Certain
Beneficial Owners -- Have our directors, executive officers and 10% stockholders
complied with Section 16(a) of the Securities Exchange Act of 1934?" included in
the Company's definitive Proxy Statement relating to the Company's 2001 Annual
Meeting of Stockholders, which information is incorporated herein by reference.

                                        10
<PAGE>   11

ITEM 11.  EXECUTIVE COMPENSATION.

     The information required by this item appears under the caption "Other
Information You Need to Make a Decision -- How do we compensate our executive
officers?" included in the Company's definitive Proxy Statement relating to the
Company's 2001 Annual Meeting of Stockholders, which information is incorporated
herein by reference.

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

     The information required by this item appears under the caption "Security
Ownership of Certain Beneficial Owners" included in the Company's definitive
Proxy Statement relating to the Company's 2001 Annual Meeting of Stockholders,
which information is incorporated herein by reference.

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

     The information required by this item appears under the caption "Other
Information You Need to Make a Decision -- Did we have transactions with
officers, directors or 5% stockholders?" included in the Company's definitive
Proxy Statement relating to the Company's 2001 Annual Meeting of Stockholders,
which information is incorporated herein by reference.

                                    PART IV

ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULE, AND REPORTS ON FORM 8-K.

     (a) The following documents are filed as a part of this Report:

          (l) The financial statements listed in response to Item 8 of this
     Report have been incorporated herein by reference to pages 7 through 28 of
     the Company's 2001 Annual Report to Stockholders.

          (2) Financial Statement Schedule:

             Report of Independent Auditors on Financial Statement Schedule

             For the three years in the period ended June 30, 2001, Schedule
        II -- Valuation and Qualifying Accounts

             The financial statement schedule should be read in conjunction with
        the consolidated financial statements in the Company's 2001 Annual
        Report to Stockholders. Financial statement schedules not included in
        this Report have been omitted because they are not applicable or the
        required information is shown in the consolidated financial statements
        or notes thereto.

          (3) Exhibits:

             A list of the exhibits required to be filed as part of this Report
        is set forth in the Index to Exhibits, which immediately precedes such
        exhibits and is incorporated herein by reference.

     (b) Reports on Form 8-K.

     The Company filed a Form 8-K on April 12, 2001 regarding the press release
announcing updated guidance on its financial results for the third quarter of
fiscal 2001 and the launch of the Company's new line of women's handbags, small
leather goods and belts produced under the Dockers(R) name.

     The Company filed a Form 8-K on April 25, 2001 regarding the press release
announcing its financial results for the third quarter of fiscal 2001.

     The Company filed a Form 8-K on June 15, 2001 regarding the press release
announcing updated guidance regarding its projected financial results for fiscal
2001.

                                        11
<PAGE>   12

                                   SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

                                          TANDY BRANDS ACCESSORIES, INC.
                                          (Registrant)

                                                  /s/ J.S.B. JENKINS
                                          --------------------------------------
                                                      J.S.B. Jenkins
                                          President and Chief Executive Officer

Date: September 25, 2001

     Pursuant to the requirements of the Securities and Exchange Act of 1934,
this has been signed below by the following persons on behalf of the registrant
and in the capacities and on the dates indicated.

<Table>
<Caption>
                       NAME                                     POSITION                     DATE
                       ----                                     --------                     ----
<S>     <C>                                          <C>                              <C>

/s/ DR. JAMES GAERTNER                                        Director and            September 25, 2001
------------------------------------------------         Chairman of the Board
Dr. James Gaertner


/s/ J.S.B. JENKINS                                              Director              September 25, 2001
------------------------------------------------
J.S.B. Jenkins


/s/ MARVIN J. GIROUARD                                          Director              September 25, 2001
------------------------------------------------
Marvin J. Girouard


/s/ C. A. RUNDELL, JR.                                          Director              September 25, 2001
------------------------------------------------
C. A. Rundell, Jr.


/s/ ROGER R. HEMMINGHAUS                                        Director              September 25, 2001
------------------------------------------------
Roger R. Hemminghaus


/s/ GENE STALLINGS                                              Director              September 25, 2001
------------------------------------------------
Gene Stallings


/s/ COLOMBE M. NICHOLAS                                         Director              September 25, 2001
------------------------------------------------
Colombe M. Nicholas


/s/ STANLEY T. NINEMIRE                                Senior Vice President and      September 25, 2001
------------------------------------------------        Chief Financial Officer
Stanley T. Ninemire
</Table>

                                        12
<PAGE>   13

                       REPORT OF INDEPENDENT AUDITORS ON
                          FINANCIAL STATEMENT SCHEDULE

To the Board of Directors of
Tandy Brands Accessories, Inc.

     We have audited the consolidated financial statements of Tandy Brands
Accessories, Inc. and subsidiaries as of June 30, 2001 and 2000, and for each of
the three years in the period ended June 30, 2001, and have issued our report
thereon dated August 10, 2001, incorporated by reference in this Annual Report
on Form 10-K. Our audits also included the financial statement schedule listed
in Item 14(a) of this Annual Report on Form 10-K. The schedule is the
responsibility of the Company's management. Our responsibility is to express an
opinion based on our audits.

     In our opinion, the financial statement schedule referred to above, when
considered in relation to the basic financial statements taken as a whole,
presents fairly in all material respects the information set forth therein.

                                          /s/  ERNST & YOUNG LLP

Fort Worth, Texas
August 10, 2001

                                        13
<PAGE>   14

                TANDY BRANDS ACCESSORIES, INC. AND SUBSIDIARIES

                SCHEDULE II -- VALUATION AND QUALIFYING ACCOUNTS
                          FOR THE YEAR ENDED JUNE 30,

<Table>
<Caption>
                                                      ADDITIONS
                             BALANCE AT   ---------------------------------                   BALANCE AT
                             BEGINNING    CHARGED TO COSTS     CHARGED TO                       END OF
DESCRIPTION                  OF PERIOD      AND EXPENSES     OTHER ACCOUNTS   DEDUCTIONS(1)     PERIOD
-----------                  ----------   ----------------   --------------   -------------   ----------
<S>                          <C>          <C>                <C>              <C>             <C>
2001
Allowance for Doubtful
  Accounts and Returns.....  $1,101,000      $1,720,000           $-0-         $1,150,000     $1,671,000
2000
Allowance for Doubtful
  Accounts and Returns.....  $1,180,000      $1,255,000           $-0-         $1,334,000     $1,101,000
1999
Allowance for Doubtful
  Accounts and Returns.....  $1,116,000      $  615,000           $-0-         $  551,000     $1,180,000
</Table>

---------------

(1) Represents uncollectible accounts written off, net of recoveries and
    application of allowances to sales returns.

                                        14
<PAGE>   15

                TANDY BRANDS ACCESSORIES, INC. AND SUBSIDIARIES

                                 EXHIBIT INDEX

<Table>
<Caption>
                                                                INCORPORATED BY REFERENCE (IF APPLICABLE)
                                                                -----------------------------------------
EXHIBIT NUMBER AND DESCRIPTION                                  FORM      DATE       FILE NO.    EXHIBIT
------------------------------                                  -----   ---------   ----------   --------
<C>    <S>  <C>                                                 <C>     <C>         <C>          <C>
(3)    --   Articles of Incorporation and by-laws
 3.1   --   Certificate of Incorporation of Tandy Brands
            Accessories, Inc.                                    S-1    11/02/90     33-37588       3.1
 3.2   --   By-laws of Tandy Brands Accessories, Inc.            S-1    11/02/90     33-37588       3.2
(4)    --   Instruments defining the rights of security
            holders, including indentures
 4.1   --   Certificate of Designations, Powers, Preferences,
            and Rights of Series A Junior Participating
            Cumulative Preferred Stock of Tandy Brands
            Accessories, Inc.                                    S-1    11/02/90     33-37588       4.1
 4.2   --   Form of Common Stock Certificates of Tandy Brands
            Accessories, Inc.                                    S-1    11/02/90     33-37588       4.2
 4.3   --   Form of Preferred Share Purchase Rights
            Certificate of Tandy Brands Accessories, Inc.        S-1    11/02/90     33-37588       4.3
 4.4   --   Rights Agreement dated November 7, 1990, between
            Tandy Brands Accessories, Inc. and First National
            Bank of Boston                                       S-1    11/02/90     33-37588       4.4
 4.5   --   Form of Rights Certificate of Tandy Brands
            Accessories, Inc.                                    8-K    11/02/99      0-18927       4.5
 4.6   --   Amended and Restated Rights Agreement dated
            October 19, 1999, Between Tandy Brands
            Accessories, Inc. and Bank Boston, N.A.              8-K    11/02/99      0-18927       4.6
(10)   --   Material Contracts
10.1   --   Form of Distribution Agreement dated December 31,
            1990, between The Bombay Company, Inc. and Tandy
            Brands Accessories, Inc.                             S-1    11/02/90     33-37588      10.1
10.2   --   Form of Service Agreement dated December 31, 1990,
            Between The Bombay Company, Inc. and Tandy Brands
            Accessories, Inc.                                    S-1    11/02/90     33-37588      10.2
10.3   --   Form of Tax Sharing Agreement dated December 31,
            1990, between The Bombay Company, Inc. and Tandy
            Brands Accessories, Inc.                             S-1    11/02/90     33-37588      10.3
10.4   --   Form of Purchase Agreement dated December 31,
            1990, between The Bombay Company, Inc. and Mr.
            J.S.B. Jenkins                                       S-1    11/02/90     33-37588      10.4
10.6   --   Tandy Brands Accessories, Inc. Stock Purchase
            Program                                              S-1    11/02/90     33-37588      10.6
10.7   --   Tandy Brands Accessories, Inc. Employees
            Investment Plan                                      S-1    11/02/90     33-37588      10.7
10.8   --   Tandy Brands Accessories, Inc. 1991 Stock Option
            Plan*                                                S-1    11/02/90     33-37588      10.8
10.9   --   Form of Stock Option Agreement -- 1991 Stock
            Option Plan*                                         S-1    11/02/90     33-37588      10.9
10.10  --   Tandy Brands Accessories, Inc. Stock Bonus Plan*     S-1    11/02/90     33-37588     10.10
10.11  --   Tandy Brands Accessories, Inc. Family Security
            Plan                                                 S-1    11/02/90     33-37588     10.11
10.12  --   Form of Agreement under Family Security Plan         S-1    11/02/90     33-37588     10.12
10.13  --   Tandy Brands Accessories, Inc. Key Executive
            Disability Plan*                                     S-1    11/02/90     33-37588     10.13
</Table>
<PAGE>   16

<Table>
<Caption>
                                                                INCORPORATED BY REFERENCE (IF APPLICABLE)
                                                                -----------------------------------------
EXHIBIT NUMBER AND DESCRIPTION                                  FORM      DATE       FILE NO.    EXHIBIT
------------------------------                                  -----   ---------   ----------   --------
<C>    <S>  <C>                                                 <C>     <C>         <C>          <C>
10.14  --   Tandy Brands Accessories, Inc. Benefit Restoration
            Plan and related Trust Agreement and Amendments
            No. 1 and 2 Thereto*                                10-K    09/25/97      0-18927     10.14
10.15  --   Form of Indemnification Agreement between Tandy
            Brands Accessories, Inc. and Each of its directors
            and Officers                                         S-1    11/02/90     33-37588     10.15
10.16  --   Office Lease Agreement dated March 6, 1991,
            between John Hancock Mutual Life Insurance Co. and
            Tandy Brands Accessories, Inc. relating to the
            corporate offices                                    S-1    11/02/90     33-37588     10.16
10.17  --   Tandy Brands Accessories, Inc. Non-Qualified
            Formula Stock Option Plan for Non-Employee
            Directors                                            S-8    02/10/94     33-75114      28.1
10.18  --   Tandy Brands Accessories, Inc. 1993 Employee Stock
            Option Plan and form of Stock Option Agreement
            Thereunder*                                          S-8    02/10/94     33-75114      28.2
10.19  --   Tandy Brands Accessories, Inc. Non-Qualified Stock
            Option Plan for Non-Employee Directors               S-8    02/10/94     33-75114      28.3
10.20  --   Tandy Brands Accessories, Inc. 1995 Stock Deferral
            Plan for Non-Employee Directors                      S-8    06/03/96     333-8579      99.1
10.21  --   Tandy Brands Accessories, Inc. 1997 Employee Stock
            Option Plan*                                         S-8    12/12/97    333-42211      99.2
10.22  --   ISDA Master Agreement between Tandy Brands
            Accessories, Inc. and NationsBank, N.A., Dated as
            of November 17, 1998                                10-Q    02/12/99      0-18927     10.30
10.23  --   Revolving Credit and Uncommitted Line of Credit
            Agreement between Tandy Brands Accessories, Inc.
            and Wells Fargo HSBC Trade Bank, N.A., Dated as of
            April 30, 1999                                      10-Q    05/14/99      0-18927     10.31
10.24  --   Tandy Brands Accessories, Inc. Employees
            Investment Plan as Amended and Restated Effective
            April 1, 1999                                       10-Q    05/14/99      0-18927     10.32
10.25  --   Promissory Note between Tandy Brands Accessories,
            Inc. and NationsBank, N.A. dba Bank of America,
            N.A. Dated as of May 17, 1999 and Amendment
            thereto                                             10-K    09/21/98      0-18927     10.33
10.26  --   Promissory Note between Tandy Brands Accessories,
            Inc. Bank of America, N.A Dated as of November 1,
            1999                                                10-Q    11/12/99      0-18927     10.34
10.27  --   Tandy Brands Accessories, Inc. 1997 Employee Stock
            Option Plan Tandy Brands Accessories,, Inc.
            Nonqualified Formula Stock Option Plan for
            Non-Employee Directors*                              S-8     1/06/00    333-94251      99.3
10.28  --   Tandy Brands Accessories, Inc. Employees
            Investment Plan*                                     S-8     6/02/00    333-38526      99.4
10.29  --   Second Amendment to Revolving Term Loan Agreement
            between Tandy Brands Accessories, Inc. and
            NationsBank, N.A. dba Bank of America, N.A. Dated
            as of June 12, 2000 and Amendment thereto           10-K    09/26/00      0-18927     10.37
10.30  --   First Amendment to the Revolving Credit Agreement
            between Tandy Brands Accessories, Inc. and Wells
            Fargo HSBC Trade Bank, N.A., Dated as of June 21,
            2000                                                10-K    09/26/00      0-18927     10.38
10.31  --   Tandy Brands Accessories, Inc. Employees
            Investment Plan as Amended and Restated Effective
            June 1, 2000                                        10-K    09/26/00      0-18927     10.39
10.32  --   Third Amendment to Revolving Credit and Term Loan
            Agreement between Tandy Brands Accessories, Inc.
            and NationsBank, N.A. dba Bank of America, N.A.
            Dated as of November 14, 2000 and Amendment
            thereto                                             10-Q    02/12/01      0-18927     10.40
</Table>
<PAGE>   17

<Table>
<Caption>
                                                                INCORPORATED BY REFERENCE (IF APPLICABLE)
                                                                -----------------------------------------
EXHIBIT NUMBER AND DESCRIPTION                                  FORM      DATE       FILE NO.    EXHIBIT
------------------------------                                  -----   ---------   ----------   --------

<C>    <S>  <C>                                                 <C>     <C>         <C>          <C>
10.33  --   Second Amendment to the Revolving Credit Agreement
            between Tandy Brands Accessories, Inc. and Wells
            Fargo HSBC Trade Bank, N.A., Dated as of December
            18, 2000                                            10-Q    02/12/01      0-18927     10.41
10.34  --   Credit Agreement Among Tandy Brands Accessories,
            Inc. as the Borrower, Wells Fargo HSBC Trade Bank,
            N.A. as Administrative Agent and as Lender, and
            Certain Financial Institutions, as Lenders and
            Wells Fargo Bank, N.A. as Arranger as of June 27,
            2001**                                               N/A         N/A          N/A       N/A
10.35  --   ISDA Master Agreement between Tandy Brands
            Accessories, Inc. and Wells Fargo Bank, N.A.,
            Dated as of June 27, 2001**                          N/A         N/A          N/A       N/A
10.36  --   Tandy Brands Accessories, Inc. Stock Purchase
            Program*                                             S-8    02/12/02    333-55436      99.5
(13)   --   Annual Report to security holders, Form 10-Q or
            quarterly report to security holders
13.1   --   Annual Report to Stockholders of Tandy Brands
            Accessories, Inc.**                                  N/A         N/A          N/A       N/A
(21)   --   Subsidiaries of the registrant
21.1   --   List of subsidiaries**                               N/A         N/A          N/A       N/A
(23)   --   Consents of experts and counsel
23.1   --   Consent of Ernst & Young LLP**                       N/A         N/A          N/A       N/A
</Table>

---------------

 * Management compensatory plan.

** Filed herewith.