Abstract: A convertible purse having three major components which may be separately and selectively utilized and independently or collectively carried by the user. The convertible purse may take the form of a large tote bag which may be carried by means of a shoulder strap or by means of crossed straps as a knapsack; a handbag which is carried within a major compartment of the purse and which may be separated therefrom to independently serve as a handbag, the handbag having means thereon for carrying cosmetic pouches and storing the same in the major compartment of the purse; and a clutch purse carryable by the handbag and also receivable within the major compartment of the purse. Each of the major components, the purse, the handbag and the clutch purse, is provided with pockets and compartments for individually and selectively receiving items to be carried therein whereby the overall convertible purse is capable of receiving and carrying a large number of items normally used in traveling or the like.