Abstract: A live well cooling and aeration system for preventing fish within a live well from dieing because of undesirable temperature and aeration conditions. The live well cooling and aeration system includes a cold plate positionable within an interior portion of a live well of a boat, a compressor in fluid communication with the cold plate, a condensing coil in fluid communication with the compressor, and an aeration unit in fluid communication with the interior portion of the live well. A thermostat within the live well determines when the compressor circulates coolant through the cold plate when the temperature of the water within the live well exceeds a maximum level. When the temperature of the water within the live well is lowered to a minimum level, the thermostat terminates operation of the compressor. The aeration unit draws water from within the live well, aerates the water and then returns the aerated water back into the live well.