A floating beverage cooler apparatus comprises, in an exemplary embodiment, a flotation bladder configured for removably receiving a beverage container. A protective cover is adapted to enclose and cover the flotation bladder and provides a bottom panel spanning an underside thereof. A storage flap is configured to be at least partially removably engaged substantially centrally with the bottom panel such that, when the apparatus is in use, a cavity is formed between the storage flap and bottom panel for providing added stability and resistance against lateral forces. When the apparatus is not being used, and the flotation bladder is deflated, the storage flap may be rotated about the protective cover and re-engaged with the bottom panel so that the storage flap lies over a top surface of the protective cover, thereby enclosing substantially all of the flotation bladder and protective cover, and optionally the beverage container, in a storage envelope.