An inflatable child containment assembly generally in the form of a play pen type structure capable of multiple uses including a contained play area, a resting or sleeping space, a splash pool, a wash basin, and a support platform for changing a child. A wall assembly has sufficient structural integrity when inflated to assume either a first operative or upright position or a second operative, inverted position, depending on the intended use. A plurality of interconnected wall sections define the wall assembly and are collectively disposed in a closed, continuous configuration to form an interior child containment area having a closure assembly covering one end thereof. An inflatable base may serve as a cushion when removably disposed within the containment area. When in the deflated and collapsed orientation, the containment assembly may be easily carried by an individual utilizing an appropriate pouch or bag.