A gift wrapping package is provided which provides enhanced ornamentation and ease of wrapping of gifts for special events. The gift wrapping package includes a flat base and a dome-like cover which forms a central cavity. The dome-like cover is retractable and expandable. In a retracted condition, gifts can be placed within the central cavity. Thereafter, the cover can be closed by expanding and rotating the cover until the dome-like structure is formed. In a preferred embodiment, the gift wrapping package includes a hook or handle for enabling a person to carry a wrapped gift or to hang the gift wrapped package upon objects such as a Christmas tree.