An activity and storage bag is includes a central compartment for holding one or more removable objects. The central compartment has an inner surface that is water-resistant and an outer surface. The activity and storage bag further includes a wallet attached to the outer surface of the central compartment for storing wallet items. The wallet includes an external flap that folds out from and attaches back with an internal flap that is connected to the outer surface of the central compartment. The activity and storage bag further includes one or more side pockets attached to the outer surface of the central compartment adjacent to the wallet.