CubeSats are revolutionary to the space industry and are transforming space exploration which enables the next generation of scientists and engineers to complete all phases of space missions. Deployable solar panels have been widely used for the generation of enough power in CubeSats due to their limited volume area for solar cell integration. In general, the cable cutting release mechanism have been used in 1U-3U small satellites because of its simplicity and low cost. However, this mechanism has a low constraint force and is unable to apply constraints along the in-plane and out-of-plane directions. In this study, for the improvement of the conventional cable cutting mechanism, a spring-loaded pogo pin-based nichrome burn wire holding and release mechanism (HRM) was proposed and fabricated. The pogo pin constitutes an immensely attractive function for the holding and release mechanism of solar panels because it works as an electrical interface to provide power, a separation spring to initiate the reaction force to deploy the panels, and a status switch to determine deployments. In addition, the proposed mechanism guarantees the loading capability along the in-plane and out-of-plane directions of solar panels, the synchronous release of multiple panels, and a handling simplicity that differentiates it from the conventional mechanism. The design feasibility, structural safety, and reliability of the mechanism were verified through functionality tests and launch and on-orbit environmental tests. The proposed pogo pin-based holding and release mechanism would be equally applicable for other CubeSat deployable appendages.