diff --git a/SodaLive/Sources/V2/Gift/List/GiftBoxListView.swift b/SodaLive/Sources/V2/Gift/List/GiftBoxListView.swift
new file mode 100644
index 00000000..c2c1ea11
--- /dev/null
+++ b/SodaLive/Sources/V2/Gift/List/GiftBoxListView.swift
@@ -0,0 +1,78 @@
+import SwiftUI
+
+struct GiftBoxListView: View {
+    @StateObject private var viewModel = GiftBoxListViewModel()
+    @State private var hasAppeared = false
+
+    var body: some View {
+        VStack(spacing: 0) {
+            DetailNavigationBar(title: "선물함")
+                .frame(height: 54)
+            BaseView(isLoading: .constant(viewModel.isLoading)) {
+                GeometryReader { geometry in
+                    ScrollView {
+                        if viewModel.hasLoaded {
+                            if viewModel.items.isEmpty && isCreator {
+                                GiftBoxEmptyView {
+                                    AppState.shared.setAppStep(step: GiftConstants.feedbackStep)
+                                }
+                                .frame(minHeight: geometry.size.height)
+                            } else {
+                                listContent
+                            }
+                        }
+                    }
+                    .refreshable { await viewModel.refresh() }
+                }
+            }
+            .sodaToast(isPresented: $viewModel.isShowPopup, message: viewModel.errorMessage)
+        }
+        .background(Color.black.ignoresSafeArea())
+        .onAppear {
+            guard !hasAppeared else { return }
+            hasAppeared = true
+            viewModel.fetchInitialPage()
+        }
+    }
+
+    private var isCreator: Bool {
+        UserDefaults.string(forKey: .role) == MemberRole.CREATOR.rawValue
+    }
+
+    private var listContent: some View {
+        VStack(spacing: SodaSpacing.s12) {
+            GiftBoxInfoBannerView(direction: viewModel.items.contains {
+                GiftDisplayPolicy.listCard(from: $0)?.direction == .received
+            } ? .received : .sent)
+
+            LazyVStack(spacing: 0) {
+                LazyVStack(spacing: SodaSpacing.s8) {
+                    ForEach(viewModel.items, id: \.applicationNo) { item in
+                        if let model = GiftDisplayPolicy.listCard(from: item) {
+                            GiftBoxCardView(model: model) {
+                                AppState.shared.setAppStep(step: .giftDetail(applicationNo: model.applicationNo))
+                            }
+                        }
+                    }
+
+                    if viewModel.isLoadingMore {
+                        ProgressView()
+                            .tint(.white)
+                            .padding(SodaSpacing.s14)
+                    }
+                }
+
+                if let lastItem = viewModel.items.last {
+                    Color.clear
+                        .frame(height: 1)
+                        .allowsHitTesting(false)
+                        .accessibilityHidden(true)
+                        .id(lastItem.applicationNo)
+                        .onAppear { viewModel.fetchNextPage(currentItem: lastItem) }
+                }
+            }
+        }
+        .padding(.top, SodaSpacing.s8)
+        .padding(.bottom, SodaSpacing.s14)
+    }
+}
diff --git a/SodaLive/Sources/V2/Gift/List/GiftBoxListViewModel.swift b/SodaLive/Sources/V2/Gift/List/GiftBoxListViewModel.swift
new file mode 100644
index 00000000..d15e6566
--- /dev/null
+++ b/SodaLive/Sources/V2/Gift/List/GiftBoxListViewModel.swift
@@ -0,0 +1,102 @@
+import Foundation
+import Combine
+
+final class GiftBoxListViewModel: ObservableObject {
+    private let repository = GiftRepository()
+    private let pageSize = 20
+    private var subscription: AnyCancellable?
+    private var page = 0
+    private var isRequestInFlight = false
+
+    @Published private(set) var items = [GiftListItemResponse]()
+    @Published private(set) var totalCount = 0
+    @Published private(set) var hasNext = false
+    @Published private(set) var hasLoaded = false
+    @Published private(set) var isLoading = false
+    @Published private(set) var isLoadingMore = false
+    @Published private(set) var isRefreshing = false
+    @Published private(set) var errorMessage = ""
+    @Published var isShowPopup = false
+
+    func fetchInitialPage() {
+        guard !hasLoaded else { return }
+        fetch(page: 0)
+    }
+
+    func fetchNextPage(currentItem: GiftListItemResponse) {
+        guard hasLoaded, hasNext,
+              currentItem.applicationNo == items.last?.applicationNo else { return }
+        fetch(page: page + 1)
+    }
+
+    @MainActor
+    func refresh() async {
+        await withCheckedContinuation { continuation in
+            fetch(page: 0, isRefresh: true) {
+                continuation.resume()
+            }
+        }
+    }
+
+    private func fetch(page requestedPage: Int, isRefresh: Bool = false, completion: (() -> Void)? = nil) {
+        guard !isRequestInFlight else {
+            completion?()
+            return
+        }
+
+        isRequestInFlight = true
+        isLoading = requestedPage == 0 && !isRefresh
+        isLoadingMore = requestedPage > 0
+        isRefreshing = isRefresh
+        errorMessage = ""
+        isShowPopup = false
+
+        subscription = repository.getGifts(page: requestedPage, size: pageSize)
+            .receive(on: DispatchQueue.main)
+            .sink { [weak self] result in
+                defer { completion?() }
+                guard let self else { return }
+
+                if case .failure(let error) = result {
+                    self.showError(data: error.response?.data)
+                }
+                self.isLoading = false
+                self.isLoadingMore = false
+                self.isRefreshing = false
+                self.isRequestInFlight = false
+            } receiveValue: { [weak self] response in
+                guard let self else { return }
+
+                do {
+                    let decoded = try JSONDecoder().decode(ApiResponse<GiftListResponse>.self, from: response.data)
+                    guard decoded.success, let data = decoded.data else {
+                        self.showError(data: response.data)
+                        return
+                    }
+
+                    if requestedPage == 0 {
+                        self.items = data.items
+                    } else {
+                        self.items.append(contentsOf: data.items)
+                    }
+                    self.page = data.page
+                    self.totalCount = data.totalCount
+                    self.hasNext = data.hasNext
+                    self.hasLoaded = true
+                } catch {
+                    self.showError(data: response.data)
+                }
+            }
+    }
+
+    private func showError(data: Data?) {
+        struct ErrorResponse: Decodable {
+            let message: String?
+        }
+
+        let decoded = data.flatMap { try? JSONDecoder().decode(ErrorResponse.self, from: $0) }
+        let message = decoded?.message?.trimmingCharacters(in: .whitespacesAndNewlines) ?? ""
+        errorMessage = message.isEmpty ? I18n.Common.commonError : message
+        isShowPopup = true
+    }
+}