A retractable leash and collar/harness assembly. The assembly includes a flexible handle with a hub assembly in the forward end thereof. The hub assembly contains a spring member and leash line coiled and enclosed within the hub. The leash line is connected to a collar or harness and the handle and collar or harness include a connector thereon to allow the components to be nested each other and folded to provide a compact retractable leash and collar/harness assembly which is easily transportable by the user.