Abstract: Disclosed herein is a folding ottoman which is convertible to a chair having the usual seat and back rest. A seat frame extends between a pair of opposing arm panels. A storage compartment is slidably connected to the arm panels below the seat frame. The storage compartment is adapted to slide outwardly relative to the seat frame in response to a pulling force applied thereto so as to enable a user to gain access to a storage space at the interior of the storage compartment. A flip-up back rest is pivotally connected to the pair of arm panels by way of a pair of machine bolts extending therebetween. The back rest is rotatable relative to the seat frame from a horizontal, closed position lying atop the seat frame at which the ottoman is established to a vertical, open position standing upwardly from the seat frame at which the chair is established.