A gift wrap package and packaging assembly is configured to receive and enclose a gift in a decorative enclosure and which has the appearance of a conventionally wrapped box gift package. The gift package is made of a folded sheet material that is decorated on one side, and which has sufficient material strength to serve as both a box and a decorative package which has a comparable appearance to a box wrapped with decorative paper. The gift package is preformed and packaged in a folded box configuration with a protective retail display header for hanging display. One end of the gift package is configured to be opened to receive gift contents and additional packaging such as tissue, and then securely closed to complete the gift package.