Abstract: A cold therapy pad includes a flexible envelope containing a high thermal capacity gel which will remain cold for a period of time after being frozen and a flexible permanent magnet contained within the envelope. According to a presently preferred embodiment, the envelope is made of a flexible polymer such as vinyl, the thermal gel is made of silicate, and the permanent magnet is made of molten metal hardened in an electric field. The magnet may be embedded in the gel so that it is substantially centrally located relative to the envelope. If desired, the magnet may be located between the envelope and the gel. The basic construction of the invention lends itself to many geometric configurations and sizes. In different embodiments, the therapy pad is dimensioned to overlie particular body parts such as joints, limbs, the neck, the waist, the chest, and the eyes. In some embodiments VELCRO.RTM. strips are provided to affix the therapy pad to a body part.