A collapsible storage container that is insertable into a handbag and which may be used to retain a camera and one or more camera accessories so as to protect the camera, accessories, or any other such items. The collapsible storage container includes a bottom, a front, a back side and dividers disposed between the front side and the back side. The bottom side piece and the divider pieces have a unidirectional grooved channel disposed along the length of the pieces so that the pieces are folded in half in one direction to permit the storage container to collapse flat, with the dividers being sandwiched between the front and back sides. Optionally, the collapsible storage container may have one or more pockets for other items, and may have a flap-top cover extensible over the top of the collapsible storage container.