A multilayer breathable moisture management and compressive device, having a laminate material that includes a thin, hydrophillic polyurethane foam coated on both surfaces with an adhesive. A stretchable elastomeric polymer layer is bonded to each of the adhesive surfaces. The polymer layers preferably are microfibers having a greater number of filaments on a skin engaging side than on an opposite side thereof. The resulting device draws moisture from the skin whereby moisture generated by the underlying skin is absorbed into the device and is thereafter conveyed into the polyurethane foam and then into the outer polymer layer such that the moisture is permitted to evaporate from the surface of the device. The device may be used as a sleeve for providing compression especially during exercise or may be used as a wound dressing or the like, providing moisture management and/or heat retention under compression.