Abstract: An insulated holder for beverage containers having walls defining a generally cup-shaped, open-topped compartment for receiving a chilled beverage container therein, the holder being dimensioned so that the side walls of the holder are spaced from the container side walls throughout the major portion of the height of the compartment, a flexible member sealingly engaging the side walls of the beverage container at the upper end of the compartment to form an airtight, sealed space within the compartment and provide effective insulation to the beverage container. The walls of the holder are formed of an inner air-impervious layer and an outer soft cushion layer of foam plastic insulating material. The lower portion of the holder may be provided with a refrigerant which engages the bottom of the beverage container in conductive heat transfer relation and is disposed in convective heat transfer relation with the sealed air space surrounding the side walls of the beverage container.