A gift wrapping package is provided which furnishes enhanced ornamentation and ease of wrapping of gifts for special events. The gift wrapping package includes a housing which is retractable and expandable for forming a central cavity. In a retracted condition, gifts can be placed within the central cavity. Thereafter, the housing can be closed by expanding and rotating the housing's body portion 360 degrees until an enclosed structure is formed. In preferred embodiments, the gift wrapping package includes various ornaments and features including fanciful appendages. In addition, the gift wrapping package may include a hook or handle or other construction for enabling persons to carry a wrapped gift or to hang the gift wrapped package upon objects, such as a holiday tree.