A collapsible drying rod has an elongated support potion that is collapsible into at least three portions that can be disengaged, or pulled apart, and aligned with each other to provide a compact collapsed drying rod that is held together by an elastic tether. A collapsible drying rod may have a center support member and extensions that extend out from opposing ends of the center support member. An elastic tether may be configured within a conduit that extends along the length of the center support member and/or extensions. A collapsible drying rod may include a hanger portion that is attached to the center support member by a hanger retainer having a flexible extension that can be used to retain the collapsible drying rod to a support.