A decoy buoy for holding a plurality of waterfowl decoys that comprises a buoyant ring having mounting holes equally spaced about the outside periphery and/or the inner periphery. The mounting holes are further adapted for mounting a waterfowl decoy and/or an anchoring device to prevent the decoy buoy from floating away while in the water. The ring having a height that is generally less than or equal to the distance between the outside periphery and the inner periphery of the ring. The ring further being constructed from two buoy sections and joined with hinges that provide both a fold-flat configuration and an unfolded stable semi-rigid circular configuration adapted for placement upon or near the surface of water.