A reversible hammock and insulation system includes a hammock bed; a second sheet member being secured to the hammock bed along the perimeter of the hammock bed; the bottom surface of the hammock bed and the upper surface of the second sheet member each comprising a low-emissivity, thermally reflective surface; the hammock bed and second sheet member collectively being selectively operable between a first configuration, wherein the second sheet member extends downwards from the hammock bed and surrounds a dead air space and transmission through the dead air space of a quantity of radiant heat energy given off by the user is delayed due to the low-emissivity, thermally reflective surfaces surrounding the dead air space, and a second configuration, wherein the second sheet member rests atop the hammock bed when the user is lying on the lower surface of the second sheet member.