A valve assembly for use on a food storage container including an opening formed in the lid member, at least one air hole formed adjacent thereto, a valve member extending through the lid opening having a portion thereof extending over the at least one air hole when the valve member is in its closed position, the valve member being movable to an open position wherein the portion of the valve member extending over the at least one air hole is at least partially uncovered from the at least one air hole when a vacuum is generated within the storage container, and a vacuum release button engageable with the valve member and movable from a first position wherein the valve member remains in its closed position to a second position wherein the valve member is moved to its open position for releasing the vacuum generated within the storage container.