A memory album retains and displays items of memorabilia and comprises top and bottom covers, which may be constructed of a stiff backing material and have a selected geometric configuration, and a foldable display panel disposed between the covers for receiving the items of memorabilia. The foldable display panel is moveable between a compact state where it is in a collapsed configuration with the top and bottom covers positioned in a first orientation with respect to one another, and an expanded state where it is in a flattened configuration with the top and bottom covers positioned at a second orientation with respect to one another. The display panel is operative upon movement of the memory album between the compact state and the expanded state to extend along both a first direction that is parallel to longitudinal axis and a second direction that is transverse thereto, thereby to reveal a plurality of display panel regions adapted to receivably retain the items of memorabilia.