Abstract: A cold/hot therapy device with temperature control includes a housing, a pump, a cooling chip, a cooling head, a cooling fin, and a bag. The pump, the cooling chip and the cooling head are fixedly arranged in the accommodating chamber of the housing. The cooling chip includes a cool-effecting surface and a cooling surface. The cooling head is adjacent to the cool-effecting surface, and includes a water inlet and a water outlet, where the water inlet communicates with the pump outlet. The cooling fin is fixedly arranged on the cooling surface of the cooling chip, and is positioned in the hollow passage of the housing. The bag includes an inlet tube and an outlet tube, where the inlet tube communicates with the water outlet of the cooling head, and the outlet tube communicates with the pump inlet. Accordingly, a cold or hot therapy function can be achieved.