The present invention relates and provides a versatile multi use bag which can be configured to serve as a shoulder-side or frontal suspended carrying bag, or as a neck suspended carrying bag or as a rucksack. The bag being a multi-compartment carrying bag and rucksack, comprising a multi-compartment openable body to contain whatever items are to be transported by the user, an extended-length strap with means at both ends thereof whereby the strap can be releasably anchored to the body of the bag. A tunnel-like portion attached proximate to an edge of the body wherethrough the strap can be inserted; and at least two spaced-apart anchor points positioned proximate to the outer perimeter of the body whereto the strap ends may be releasably attached.