A versatile lunch box is provided, comprising a rectangular inner box unit with removably mounted compartment dividers within guide slots, an outer fabric cover with a zippered front flap having utensil and napkin holders and an inner pouch, with the outside of the fabric cover having a side pocket and pouch and a handle connected to the top. The versatile lunch box has particular utility in connection with accommodating large food items or multiple food items at different temperatures in a compact design that can easily fit inside a school bag or small office refrigerator.