Abstract: The present invention is an inflatable, reversible life raft with a raft body including upper and lower inflatable, peripherally disposed bladders defining a closed geometric shape. The raft body also includes upper and lower inflatable masts in pneumatic communication with the upper and lower bladders, respectively. A floor closes the geometric shape between the upper and lower bladders. The upper and lower masts support upper and lower canopies, respectively. The upper canopy forms an upright, above-water enclosure to protect survivors from the elements. The lower canopy forms an underwater ballast beneath the floor of the raft, stabilizing the life raft. The reversible life raft is equipped with a reversible, collapsible ladder attached to an exterior portion of the two stacked bladders, and is equipped with two reversible ballast pouches mounted to an exterior portion of the two stacked bladders opposite the ladder.