Abstract: An insulated cooler bag and method comprising at least two separate and independent sealed compartments with each compartment composed of a flexible resistant plastic with the two compartments joined to form sealed seams along the bottom end of the bag and along opposite sides of the bag further comprising a zipper connected to each compartment at an end corresponding to the top end of the bag for opening and closing the bag based upon the direction of movement of the zipper relative to the side seams such that when the zipper is opened the sealed compartments expose a space therebetween corresponding to the interior of the bag into which items may be inserted for storage and when the zipper is closed the bag the sealed compartments overlap to form a double layer of thick foam cell insulation surrounding the interior of the bag and further comprising a drain plug connected to the interior of the bag.