Abstract: An illuminated balloon includes a substantially gas-impermeable membrane capable of pressurized gas storage and a self-contained illuminating member fully positioned within the balloon. The membrane defines a gas storage region having an inner surface and an outer surface and a neck portion. The neck portion includes an opening therein for introducing a gas to inflate the balloon. The illuminating member is self-contained and includes an illuminating element and a power source electrically connected thereto. The illuminating member, including the power source, is completely within the gas storage region. The illuminating member can include a light emitting diode (LED) and circuitry to provide pulsating power to the LED.