Abstract: An inflatable dive float is provided with a supported flag that is collapsible to a small size for ease of handling and storage. The dive float includes a novel buoyancy element formed of a durable flexible cover and lightweight replaceable bladder provided by a conventional balloon. The cover is configured to allow easy replacement of the bladder. A collapsible frame internal to the cover provides rigid support for a flag pole and connection to a rigid counterweight staff. The internal frame element is held in place, during use, by the pressure of the inflated bladder. Deflation of the bladder allows collapsing of the frame element and the cover which provides a greatly reduced geometry for storage and handling after use. Both the flag pole and counterweight staff are preferably collapsible as well to reduce storage dimensions.