An adjustable pouch having a front portion, rear portion, first side portion, and a second side portion that are connected to a bottom portion and collectively defines an interior space that may be configured to receive different sizes of ammunition magazines is disclosed. The front and rear portions include a plurality of straps that extend lengthwise and the first and second side portions include a plurality of channels. The plurality of straps and the plurality of channels are configured to receive an elastic member having free ends that are tied together. In operation, an individual can pull on the tied free ends of the elastic member in order to adjust the volume of the interior space to accommodate ammunition magazines of different sizes.