A decorative holiday picture frame cover, for use in conjunction with an existing picture frame having a front, sides, a rear, and a border defining a window at the front. The picture frame cover has a front panel, and a stretchable rear edging. The picture frame cover is fitted onto the frame by extending the rear edging behind the rear of the frame and engaging the sides of the frame with the edging, thereby causing the front panel to extend over the front of the picture frame, and to cover the window of the picture frame. The front panel has the appearance of gift wrap paper and has an attractive bow thereon so that the picture frame is given the appearance of a wrapped gift.