FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         	UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
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                      	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940	                      	

1. Name and Address of Reporting Person *

Muehlbauer James L	2. Issuer Name and Ticker or Trading Symbol

BEST BUY CO INC [ BBY ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
EVP- Finance and CFO	
(Last)          (First)          (Middle)

7601 PENN AVENUE S.	3. Date of Earliest Transaction (MM/DD/YYYY)

2/23/2011		
(Street)

RICHFIELD, MN 55423
(City)        (State)        (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)

 	6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person	

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned	
1.Title of Security
(Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code
(Instr. 8)	4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)	5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)	
			Code	V	Amount	(A) or (D)	Price				
Common Stock  	 	 	 	  	 	 	 	24739.4360  	D  	 	
Common Stock  	 	 	 	  	 	 	 	952.0000   (1)	I  	401(k)  	
Common Stock  	 	 	 	  	 	 	 	1514.0000  	I  	IRA  	

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)	
1. Title of Derivate Security
(Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code
(Instr. 8)	5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)	6. Date Exercisable and Expiration Date	7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)	8. Price of Derivative Security
(Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)	
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares					
Stock Option (Right to Buy)  	$35.6700  	 	 	   	  	  	  	1/12/2011   (2)	1/11/2021  	Common Stock  	30000.0000  	 	30000.0000  	D  	 	
Stock Option (Right to Buy)  	$39.7300  	 	 	   	  	  	  	1/13/2010   (2)	1/12/2020  	Common Stock  	20000.0000  	 	20000.0000  	D  	 	
Stock Option (Right to Buy)  	$19.1100  	 	 	   	  	  	  	1/16/2003   (2)	1/15/2013  	Common Stock  	7500.0000  	 	7500.0000  	D  	 	
Stock Option (Right to Buy)  	$31.0400  	 	 	   	  	  	  	3/4/2002   (2)	3/3/2012  	Common Stock  	4220.0000  	 	4220.0000  	D  	 	
Stock Option (Right to Buy)  	$44.2000  	 	 	   	  	  	  	4/7/2010   (2)	4/6/2020  	Common Stock  	20000.0000  	 	20000.0000  	D  	 	
Stock Option (Right to Buy)  	$34.1800  	 	 	   	  	  	  	4/11/2002   (2)	4/10/2012  	Common Stock  	16875.0000  	 	16875.0000  	D  	 	
Stock Option (Right to Buy)  	$32.9800  	 	 	   	  	  	  	6/23/2009   (2)	6/22/2019  	Common Stock  	40000.0000  	 	40000.0000  	D  	 	
Stock Option (Right to Buy)  	$36.6300  	 	 	   	  	  	  	6/23/2010   (2)	6/22/2020  	Common Stock  	20000.0000  	 	20000.0000  	D  	 	
Stock Option (Right to Buy)  	$37.5900  	 	 	   	  	  	  	9/17/2009   (2)	9/16/2019  	Common Stock  	20000.0000  	 	20000.0000  	D  	 	
Stock Option (Right to Buy)  	$38.3200  	 	 	   	  	  	  	9/20/2010   (2)	9/19/2020  	Common Stock  	30000.0000  	 	30000.0000  	D  	 	
Stock Option (Right to Buy)  	$36.7300  	 	 	   	  	  	  	10/11/2004   (2)	10/10/2014  	Common Stock  	28500.0000  	 	28500.0000  	D  	 	
Stock Option (Right to Buy)  	$47.8400  	 	 	   	  	  	  	10/18/2007   (2)	10/17/2017  	Common Stock  	40970.0000  	 	40970.0000  	D  	 	
Stock Option (Right to Buy)  	$55.4600  	 	 	   	  	  	  	10/23/2006   (2)	10/22/2016  	Common Stock  	10380.0000  	 	10380.0000  	D  	 	
Stock Option (Right to Buy)  	$26.8800  	 	 	   	  	  	  	10/31/2008   (2)	10/30/2018  	Common Stock  	80000.0000  	 	80000.0000  	D  	 	
Stock Option (Right to Buy)  	$39.5900  	 	 	   	  	  	  	11/3/2003   (2)	11/2/2013  	Common Stock  	25500.0000  	 	25500.0000  	D  	 	
Stock Option (Right to Buy)  	$46.8000  	 	 	   	  	  	  	11/8/2005   (2)	11/7/2015  	Common Stock  	30053.0000  	 	30053.0000  	D  	 	

Explanation of Responses:	
(  1) 	This number reflects a periodic acquisition of shares under the employee retirement savings account (401(k)) exempt from reporting under Section 16b-3(c). Total is based on a plan statement as of February 15, 2011.	
(  2) 	The date indicated is the grant date and the options vest in four equal annual installments beginning one year from such date.	

Reporting Owners	
Reporting Owner Name / Address	Relationships	
	Director	10% Owner	Officer	Other	
Muehlbauer James L
7601 PENN AVENUE S.
RICHFIELD, MN 55423			EVP- Finance and CFO		

Signatures		
/s/Lisa Beth Lentini, Attorney-in-Fact		2/24/2011	
** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.	
*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).	
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).	
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.	
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