A foldable pizza box and method of preparing the foldable pizza box for disposal. The foldable pizza box includes a plurality of perforations placed on several surfaces thereof, bisecting the foldable pizza box into two symmetrical halves and imparting flexibility to the foldable pizza box along the perforations. The foldable pizza box includes triangular punch-outs, formed by perforations, that add additional flexibility to the foldable pizza box when displaced or removed. The foldable pizza box may be easily folded along the perforations, thereby making the foldable pizza box more compact. After folding the foldable pizza box, the foldable pizza box may be easily disposed in a waste or recycling receptacle.