A retractable leash assembly that may be selectively carried by a user while attached to the collar or other wearable item on a companion pet and carried by the pet while not in use. The leash assembly may be connected to more than one location along the collar or other wearable item for securing the leash assembly to the companion pet. The leash assembly comprises a braking mechanism for stopping the movement of the leash in a preferred embodiment. In a preferred embodiment, the retractable leash assembly provides a full-length leash and weighs less than about 85 g.