Abstract: An ankle support assembly is formed from a flexible wrap body comprising a foot wrap portion and an ankle wrap portion. The wrap body is formed from an elastic material to provide a degree of compression when wrapped around the wearer's foot, ankle and leg. The outer surface of the wrap body is provided with hook and loop fastener material. A closure assembly secures the flexible wrap body about the wearer's foot, ankle and leg. At least one elongated side stay positions along at least one of the medial and lateral side of the ankle and the lower portion of the leg of the wearer. The exterior of the elongated side stay has hook and loop fastener material thereon for releasable engagement with the hook and loop fastener material of the wrap body. A stabilizing body positions along one of the medial and lateral sides of the ankle. A circumferential wrap assembly can be selectively tightened or loosened around the wearer's ankle and lower leg portion.