Abstract: A multi-functional bag/envelope for carrying and/or mailing an item is provided. The bag/envelope includes a front panel, a back panel, a seal flap and a pair of side flaps that couple the front panel with the back panel. The front panel includes a first weakened portion that is at least partially overlapped with a second weakened portion that is defined in the seal flap. A third weakened portion is defined in the back panel and overlaps with said first and second weakened portions. The weakened portions may be broken to form a handle assembly that is hingedly coupled to the front panel, back panel and the seal flap. Breaking the weakened portions allow a user to carry the bag/envelope. Further, the punch flaps are capable of being resealed to the front panel, back panel and seal flap to hold the item within the bag/envelope during mailing.