Abstract: A floating fish basket for use by divers and spear fishermen has a frame removably secured to a flotation ring. A coaxial wire mesh bag is suspended from the frame within the flotation ring for containing fish and other sea animals. The frame and mesh bag have aligned openings which may be selectively closed by a pivotal door mounted by a hinge on the frame. A chain extends between the bottom of the bag and the door and is operative upon opening the door to partially axially collapse the mesh bag to enable an individual to have access to bottom portions of the bag. The chain may be adjusted in length to shorten the axial extent of the bag for use in shallow water. A socket on the frame is provided for mounting a staff of a diving flag. The flotation ring may be captured between upper and lower frame members secured by threaded fasteners or alternatively secured by frictional engagement within a frame recess or held in place by VELCRO fastening straps.