Set your washer to cold water and turn it on. Pour in 1 full cup of a mild detergent like Woolite as the water fills. Let the water and softener mix. Place the felt in the cold water when there's enough water to submerge it. Wash on a gentle cycle.
After washing, gently squeeze the felt. Carefully remove as much water as you can. Squeezing too hard can result in stretching the fabric. Then place it on a clean, flat surface. Press down on the felt to make it flat. Make sure it's stretched only to its proper size. Let the felt air-dry for 1 to 3 days, depending on the size and temperature of the room. Let the felt air-dry completely. Do not rush by heating it. Any heat can make the felt shrink and lose color.