The present invention is directed to an improved gift wrap storage and dispensing device, comprising a container and a lid, which are rotatable with respect to one another. Wrapping paper is stored on dowels within the container and is dispensed through openings in the side wall of the container. The wrapping paper is cut using a cutting device positioned on the outside wall of the container. Similarly, the lid contains a dispensing housing for storing rolls of tape, ribbon, etc., which can be dispensed through openings in the side wall of the lid and cut using a cutting device.