Abstract: A novel refrigeration and insulation bag includes a bag body and a top cover. An interior of the bag body forms a cavity, and a top end of the bag body is provided with an opening. The top cover is used for closing the opening, an interior of the top cover forms an accommodating cavity, and a refrigeration assembly or a refrigeration/heating assembly is embedded in the accommodating cavity. The refrigeration assembly or refrigeration/heating assembly includes semiconductor chilling plates, heat dissipation fans, temperature-uniforming plate, power supply component, and other components. The refrigeration assembly or refrigeration/heating assembly of the present disclosure powered by electricity is configured to refrigerate the interior of the bag, so as to create a low-temperature environment without the need to frequently replace the ice packs before use, or configured to heat up the interior of the bag, so as to keep warm of the bag.