A compartmentalized laundry bag for washing and drying small laundry items. The bag includes a collapsible mesh body having a closeable top portion, a bottom portion and a central portion. A flexible mesh bottom wall is connected to the bottom portion of the mesh body and further includes first, second, third, and fourth mesh partition walls which are disposed interiorly of the mesh body and are interconnected together at a location proximate the axial center line of the mesh body. The laundry bag also includes a drawstring arrangement for closing the top portion of the mesh body.