Abstract: The thermally insulated vest for use with a modified bait storing bucket is an improvement over existing bait buckets in that it includes a thermally insulated vest that adorns an exterior surface of the bucket. The thermally insulated vest is comprised of a plurality of layers consisting of a plastic mesh, foil liner, insulation, and gel pack. At least two freezer packs adorn an exterior surface of the thermally insulated vest, and aid in cooling the contents of the bucket. The bucket includes a drain hole and plug to evacuate fluids from within. A lid having a lid vent rests atop the bucket, and is secured thereon via securing means. The thermally insulated vest has a height less than the height of the vest.