<PAGE>   1

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                       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, 1999
                         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 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 16, 1999, through the National Market System of the National
Association of Securities Dealers Automated Quotation System) was approximately
$60,538,000.

     There were 5,785,560 shares of common stock, $1.00 par value per share,
outstanding at September 16, 1999.
                      DOCUMENTS INCORPORATED BY REFERENCE:

(a) Annual Report to Stockholders for Fiscal Year Ended June 30, 1999
    (incorporated by reference in Parts II and IV).

(b) Definitive Proxy Statement for the Annual Meeting to be held October 19,
    1999 (incorporated by reference in Part III).

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

                                     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, hats, hair accessories, suspenders
and neckwear. Tandy Brands' merchandise is marketed under a broad portfolio of
nationally recognized licensed and proprietary brand names, including Jones New
York(R), Florsheim(R), Rolfs(R), Haggar(R), Bugle Boy(R), Canterbury(R), Prince
Gardner(R), Princess Gardner(R), Amity(R), Don Loper(R), Accessory Design
Group(R) and Tiger(R), as well as private brands for major retail customers.
Proprietary brands, licensed brands and private brands accounted for
approximately 42.8%, 11.3% and 45.9%, respectively, of net sales during fiscal
1999. 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, men's and women's specialty stores,
golf pro shops and catalogs.

     On July 16, 1999, the Company purchased certain assets of Frank Spielberg
Sales LLC ("Spielberg"), a handbag designer and marketer based in St. Louis,
Missouri, for approximately $3.5 million. The cash purchase price was provided
by drawing on existing bank lines. Spielberg supplies proprietary design,
marketing and sourcing expertise for handbags under department store private
labels and direct sales to retailers. Spielberg will continue to operate from
its St. Louis, New York City and Hong Kong offices.

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

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

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

                                        2
<PAGE>   3

     The Company distributes its products to nearly every type and size of
retail operation. Management estimates that the Company's customers include over
10,000 retailers representing over 20,000 retail locations. 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>
Jones New York.............................  Department stores       Handbags
                                             Specialty stores        Small leather goods
Florsheim..................................  Department stores       Belts
                                             Specialty stores        Small leather goods
Rolfs......................................  Department stores       Small leather goods
                                             Specialty stores
Haggar.....................................  National chain stores   Belts
                                             Department stores       Small leather goods
                                             Catalogs
Bugle Boy..................................  National chain stores   Belts
                                             Department stores       Small leather goods
Canterbury.................................  Specialty stores        Belts
                                             Golf pro shops          Small leather goods
Prince Gardner.............................  National chain stores   Small leather goods
                                             Specialty stores
Princess Gardner...........................  National chain stores   Small leather goods
                                             Specialty stores
Amity......................................  Mass merchants          Small leather goods
                                             National chain stores
Coletta....................................  Mass merchants          Handbags
                                             National chain stores
Accessory Design Group.....................  Mass merchants          Belts
                                             National chain stores   Women's accessories
Tiger......................................  Mass merchants          Belts
                                             National chain stores
</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.

PRODUCTS

     The Company's primary products are belts and small leather goods, such as
wallets, which accounted for approximately 50.3% and 31.5%, respectively, of the
Company's net sales for fiscal 1999. The Company's other products include
women's handbags, socks, scarves, hats, hair accessories and men's neckwear,
suspenders and other fashion accessories, which collectively accounted for the
remaining 18.2% of net sales in fiscal 1999. Men's and boys' products accounted
for approximately 59.4% of net sales during fiscal 1999, and women's and girls'
products accounted for approximately 40.6% of net sales during the same period.
Proprietary brands, licensed brands and private brands accounted for
approximately 42.8%, 11.3% and 45.9%, respectively, of net sales during fiscal
1999.

                                        3
<PAGE>   4

  Belts

     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 50.3% of net sales in fiscal 1999. Tandy
Brands designs all of its belts and markets them under various licensed and
proprietary brands including Florsheim, Jones New York, Canterbury, Haggar, and
Bugle Boy, as well as private brands for major retailers. Management believes
that the addition of the Tiger brand name through the acquisition of Tiger
Accessories in fiscal 1998 provided a strong complement to the Company's
existing belt business, established the Company well within the boys' belt
segment and strengthened the Company's distribution into the mass merchant
retail segment. The Company competes in all four categories of the belt market:
casual, work, dress and fashion. In fiscal 1999, Tandy Brands manufactured
approximately 44.9% of the men's belts it distributed and imported the balance
from China, Guatemala and various other countries.

     The continuing trend toward casual attire has created an increasing demand
for belts other than those in the traditional dress category. The Company's belt
sales were $89.6 million in fiscal 1999, which represents an increase of 12.9%
compared to fiscal 1998. In fiscal 1999, sales of men's and boys' belts
represented $68.3 million, or 76.2% of total belt sales, and women's and girls'
belts represented $21.3 million, or 23.8% of total belt sales.

  Small Leather Goods

     The Company's small leather goods consist primarily of men's and women's
wallets. The Company designs all of its small leather goods and markets them
under licensed and proprietary brands including Jones New York, Rolfs, Haggar,
Bugle Boy, Canterbury, Prince Gardner, Princess Gardner and Amity, as well as
private brands. The Company's fiscal 1999 results benefited from its May 1998
purchase of the Amity and Rolfs tradenames, the results of which were not
material to fiscal 1998 consolidated results due to the timing of the purchase.
Tandy Brands' 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.

     Sales of the Company's small leather goods have increased in recent years
as a result of increased market penetration through the use of licensed and
proprietary brands. Sales of small leather goods accounted for approximately
$56.1 million, or 31.5% of Tandy Brands' net sales in fiscal 1999. In fiscal
1999, sales of men's and boys' small leather goods represented $29.3 million, or
52.3% of total small leather goods sales, and women's and girls' small leather
goods represented $26.8 million, or 47.7% of the Company's total small leather
goods sales.

  Other Accessories

     In addition to belts and small leather goods, Tandy Brands distributes
accessories such as women's handbags, socks, scarves, hats, hair accessories and
men's suspenders and neckwear. 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 1999, Tandy Brands' sales of other accessories
totaled $32.7 million, or 18.2% of its net sales.

PROPRIETARY BRANDS

     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, Prince Gardner, Princess Gardner, Royalle by Prince Gardner, and
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 $76.4 million, or 42.8% of the Company's net sales in fiscal 1999.
                                        4
<PAGE>   5

EXCLUSIVE LICENSE AGREEMENTS

     Tandy Brands has been awarded exclusive license agreements for several well
recognized brands, including Jones New York, Florsheim, Bugle Boy, Haggar, John
Weitz, Beverly Hills Polo Club and Botany 500. 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 1999, sales of the Company's licensed products
accounted for approximately 11.3% 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 1999, private brand products accounted for approximately $81.8
million, or 45.9% 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, Kathy
Lee, Arizona, Jacqueline Ferrar, St. John's Bay 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, men's and women's specialty
stores, golf pro shops and catalogs. The Company maintains strong relationships
with major retailers in the United States and Canada, including Wal-Mart,
Target, K Mart, Shopko, AAFES, Sears, JCPenney, Kohl's, May Department Stores,
Dillard's, Mervyn's and Federated Department Stores. For fiscal 1999, Wal-Mart
represented 38.7% of the Company's net sales. In fiscal 1999, the Company's top
ten customers accounted for approximately 67.3% of net sales.

     The Company had firm backlog orders for fiscal years 1999 and 1998 totaling
$9,432,000 and $8,004,000, respectively. Shipment of backlog orders in fiscal
1999 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 fullfillment of EDI orders, the backlog at
June 30, 1999 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, K
Mart 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

                                        5
<PAGE>   6

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.

     Regional managers are sales and service professionals with experience in
retail and merchandising management. The regional manager's role, in addition to
hiring, training and supervising sales associates, includes assisting customers
in developing seasonal buying plans, assisting stores in developing plans for
physical layouts of departments and fixtures and developing overall fixture and
product presentation.

     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 60 sales associates in the United
States and approximately 30 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. All
sales personnel other than senior managers 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 high quality
merchandise at popular prices. The Company's men's and boys' belt business
competes with a large number of companies, including Swank, Humphreys, Leegin,
Max Leather and Salant. The Company's men's wallet business also competes with a
large number of competitors, including Buxton, Humphreys, Mundi and Fossil. In
women's and girls' belts, the Company competes primarily with Omega, 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 1999, the Company
sourced certain finished products representing approximately 84% 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.

                                        6
<PAGE>   7

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 5.1 million belts per year. During fiscal 1999, Tandy
Brands' manufacturing facilities operated at approximately 71% 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 985 employees as of June 30, 1999. 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, Canada,
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 and Hong Kong. The Company has a renewal option for its
corporate office space in Arlington. The Company owns the West Bend, Wisconsin
facility which is utilized for the distribution of small leather goods.
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,
1999, was as follows:

<TABLE>
<CAPTION>
                                                            APPROXIMATE SQUARE FEET
                                                          ---------------------------
                                                           OWNED    LEASED     TOTAL
                                                          -------   -------   -------
<S>                                                       <C>       <C>       <C>
Warehouse and Office....................................  413,000   169,000   582,000
Factory.................................................   63,000    27,000    90,000
                                                          -------   -------   -------
          Total.........................................  476,000   196,000   672,000
                                                          =======   =======   =======
</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 1999
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 1999 fiscal year.

                                        7
<PAGE>   8

                                    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 32 of the Company's 1999 Annual Report to Stockholders,
which information is incorporated herein by reference.

     (b) The approximate number of record holders of common stock on September
16, 1999, was 1,099.

     (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 agreements currently contain
covenants related to the maintenance of certain financial ratios which could
impose certain limitations on the payment of dividends.

ITEM 6. SELECTED FINANCIAL DATA.

     The information required by this item appears on page 31 of the 1999 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 27 through 30 of the
1999 Annual Report to Stockholders, which information is incorporated herein by
reference.

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

     The Company is exposed to the impact of interest rate changes and changes
in the market value of its financial instruments. During fiscal 1999, the
Company entered into a five-year interest rate swap agreement, which expires on
November 17, 2003, converting $15,000,000 of outstanding indebtedness from a
variable to a fixed interest rate to minimize these risks. At June 30, 1999, the
Company's exposure to these market risk factors was not significant.

                                        8
<PAGE>   9

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

     The information required by this item appears on pages 11 through 31 of the
1999 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.
                                                           1999 ANNUAL
                                                            REPORT TO
                                                          STOCKHOLDERS
                                                        -----------------
<S>                                                     <C>

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Consolidated Statements of Income for the Years Ended
  June 30, 1999, 1998 and 1997.......................            11
Consolidated Balance Sheets at June 30, 1999 and
  1998...............................................            12
Consolidated Statements of Cash Flows for the Years
  Ended June 30, 1999, 1998 and 1997.................            13
Consolidated Statements of Stockholders' Equity for
  the Years Ended June 30, 1999, 1998 and 1997.......            14
Notes to Consolidated Financial Statements...........         15-25
Selected Unaudited Quarterly Financial Data..........            25
Report of Independent Auditors.......................            26
Selected Financial Data..............................            31
</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 "Election
of Directors," "Executive Officers" and "Security Ownership of Certain
Beneficial Owners -- Compliance with Section 16(a) of the Securities Exchange
Act of 1934" included in the Company's definitive Proxy Statement relating to
the Company's 1999 Annual Meeting of Stockholders, which information is
incorporated herein by reference.

ITEM 11. EXECUTIVE COMPENSATION.

     The information required by this item appears under the caption "Executive
Compensation" included in the Company's definitive Proxy Statement relating to
the Company's 1999 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 1999 Annual Meeting of Stockholders,
which information is incorporated herein by reference.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

     None.

                                        9
<PAGE>   10

                                    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 11 through 31 of
            the Company's 1999 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, 1999,
             Schedule II -- Valuation and Qualifying Accounts

           The financial statement schedule should be read in conjunction with
           the consolidated financial statements in the Company's 1999 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.

        No reports on Form 8-K were filed during the fourth quarter of fiscal
         1999.

                                       10
<PAGE>   11

                                   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 24, 1999

     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
----                                                             --------                   ----
<C>                                                    <S>                           <C>

               /s/ DR. JAMES GAERTNER                  Director and Chairman of the  September 24, 1999
-----------------------------------------------------    Board
                 Dr. James Gaertner

                 /s/ J.S.B. JENKINS                    Director                      September 24, 1999
-----------------------------------------------------
                   J.S.B. Jenkins

               /s/ MARVIN J. GIROUARD                  Director                      September 24, 1999
-----------------------------------------------------
                 Marvin J. Girouard

               /s/ C. A. RUNDELL, JR.                  Director                      September 24, 1999
-----------------------------------------------------
                 C. A. Rundell, Jr.

                /s/ ROBERT E. RUNICE                   Director                      September 24, 1999
-----------------------------------------------------
                  Robert E. Runice

                 /s/ GENE STALLINGS                    Director                      September 24, 1999
-----------------------------------------------------
                   Gene Stallings

                  /s/ MAXINE CLARK                     Director                      September 24, 1999
-----------------------------------------------------
                    Maxine Clark

               /s/ STANLEY T. NINEMIRE                 Senior Vice President and     September 24, 1999
-----------------------------------------------------    Chief Financial Officer
                 Stanley T. Ninemire
</TABLE>

                                       11
<PAGE>   12

                       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, 1999 and 1998, and for each of
the three years in the period ended June 30, 1999, and have issued our report
thereon dated August 10, 1999, 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, 1999

                                       12
<PAGE>   13

                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 OTHER                     END OF
DESCRIPTION                 OF PERIOD      AND EXPENSES         ACCOUNTS       DEDUCTIONS(1)     PERIOD
-----------                 ----------   ----------------   ----------------   -------------   ----------
<S>                         <C>          <C>                <C>                <C>             <C>
1999
Allowance for Doubtful
  Accounts And Returns....  $1,116,000       $465,000             $-0-           $401,000      $1,180,000
1998
Allowance for Doubtful
  Accounts And Returns....  $1,076,000       $362,000             $-0-           $322,000      $1,116,000
1997
Allowance for Doubtful
  Accounts And Returns....  $  606,000       $787,000             $-0-           $317,000      $1,076,000
</TABLE>

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

(1) Represents uncollectible accounts written off, net of recoveries.

                                       13
<PAGE>   14

                TANDY BRANDS ACCESSORIES, INC. AND SUBSIDIARIES

                                 EXHIBIT INDEX

<TABLE>
<CAPTION>
                                                               INCORPORATED BY REFERENCE
                                                                    (IF APPLICABLE)
                                                         -------------------------------------
EXHIBIT NUMBER AND DESCRIPTION                           FORM     DATE     FILE NO.    EXHIBIT
------------------------------                           ----   --------   ---------   -------
<S>   <C>      <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
(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
</TABLE>
<PAGE>   15

<TABLE>
<CAPTION>
                                                               INCORPORATED BY REFERENCE
                                                                    (IF APPLICABLE)
                                                         -------------------------------------
EXHIBIT NUMBER AND DESCRIPTION                           FORM     DATE     FILE NO.    EXHIBIT
------------------------------                           ----   --------   ---------   -------
<S>   <C>      <C>                                       <C>    <C>        <C>         <C>
      *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
      *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   Credit Agreement between Tandy Brands
               Accessories, Inc. and Chase Bank of
               Texas, N.A., successor-in-interest to
               Texas Commerce Bank, N.A. dated June
               30, 1994 and Amendments No. 1, 2, and 3
               Thereto................................   10-K   09/25/97     0-18927    10.21
       10.22   Credit Agreement between Tandy Brands
               Accessories, Inc. and NationsBank,
               N.A., successor-in-interest to Nations
               Bank of Texas, N.A dated as of May 16,
               1997...................................   10-K   09/25/97     0-18927    10.22
       10.23   Tandy Brands Accessories, Inc. 1997
               Employee Stock Option Plan*............    S-8   12/12/97   333-42211    99.2
</TABLE>
<PAGE>   16

<TABLE>
<CAPTION>
                                                               INCORPORATED BY REFERENCE
                                                                    (IF APPLICABLE)
                                                         -------------------------------------
EXHIBIT NUMBER AND DESCRIPTION                           FORM     DATE     FILE NO.    EXHIBIT
------------------------------                           ----   --------   ---------   -------
<S>   <C>      <C>                                       <C>    <C>        <C>         <C>
       10.24   Amendments No. 4 and 5 to the Credit
               Agreement between Tandy Brands
               Accessories, Inc. and Chase Bank (Texas
               Commerce) of Texas, N.A. dated as of
               June 10, 1994..........................   10-Q   05/13/98     0-18927    10.24
       10.25   Promissory Note between Tandy Brands
               Accessories, Inc. and NationsBank, N.A
               Dated as of May 16, 1998 and Amendment
               thereto. ..............................   10-K   09/21/98     0-18927    10.25
       10.26   Registration Statement dated August 12,
               1998 of Tandy Brands Accessories, Inc.
               Common Stock. .........................    S-3   08/12/98   333-61235    99.3
       10.27   Promissory Note between Tandy Brands
               Accessories, Inc. and NationsBank, N.A.
               dated September 16, 1998. .............   10-Q   11/10/98     0-18927    10.27
       10.28   Amendment No. 6 to the Credit Agreement
               between Tandy Brands Accessories, Inc.
               and Chase Bank (Texas Commerce) of
               Texas, N.A. dated as of June 10,
               1994. .................................   10-Q   11/10/98     0-18927    10.28
       10.29   Revolving Credit and Term Agreement
               between Tandy Brands Accessories, Inc.
               and NationsBank, N.A., dated as of
               November 17, 1998. ....................   10-Q   02/12/99     0-18927    10.29
       10.30   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
       10.31   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
       10.32   Tandy Brands Accessories, Inc.
               Employees Investment Plan as Amended
               and Restated Effective April 1,
               1999. .................................   10-Q   05/14/99     0-18927    10.32
       10.33   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.**.............................    N/A        N/A         N/A   N/A
(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>
<PAGE>   17

<TABLE>
<CAPTION>
                                                               INCORPORATED BY REFERENCE
                                                                    (IF APPLICABLE)
                                                         -------------------------------------
EXHIBIT NUMBER AND DESCRIPTION                           FORM     DATE     FILE NO.    EXHIBIT
------------------------------                           ----   --------   ---------   -------
<S>   <C>      <C>                                       <C>    <C>        <C>         <C>
(27)  Financial Data Schedule
       27.1    Financial Data Schedule for the year
               ended June 30, 1999**..................    N/A        N/A         N/A   N/A
</TABLE>

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

 * Management compensatory plan.

** Filed herewith..