Disclosed is a portable and adjustable trailer assembly that allows for easy assembling and de-assembling, foldability, portability, requiring small storage space, multi-functional utility, retrofittable to various vehicles, and at the same time light weight and cost effective. It comprises a frame assembly having a frame portion with front and rear ends, pivotally and hingedly coupled at its rear end to a first end of a platform portion, a second end of the platform portion coupled to a rear beam, the portions being releaseably locked with each other and folds out to configure a lateral plane when in operation, a wheel assembly mechanically coupled to the platform portion at its underneath; and a detachable and lockable drawbar assembly having first and second ends, mechanically coupled to the frame assembly at the first end and having means to connect to a tow vehicle at the second end.