A collapsible hanging storage assembly mounts beneath a desk or flat surface. The assembly has panels and fastening mechanisms that collapse for stowage and easily construct to contain items. The assembly comprises a base panel defined by wire mesh, a pair of side edges, a rear edge, and a front edge. A pair of side panels hingedly join the side edges of base panel. The side panels include a pair of upper horizontal bars, a pair of lower horizontal bars, a pair of front vertical bars, and a pair of rear vertical bars. A pair of L-shaped brackets extend from the front vertical bars to mount on a desktop. The L-shaped brackets include a vertical member and a generally flat horizontal member. A rear panel joins the side panels and base panel perpendicularly and has an upper edge, a lower edge, a left edge, and a right edge.