An expandable and collapsible cooler includes: a base defining a bottom portion of the cooler; an upper rim defining an upper portion of the cooler; and a cooler wall extending between said base and said upper rim and surrounding an interior storage space of the cooler. The cooler wall includes inner and outer collapsible walls that extend from the upper rim and a common bottom wall. Each collapsible wall includes a flexible elastomeric membrane having hinge lines at which the membrane is configured to bend such that the membrane is transitional between collapsed and expanded configurations. The membrane preferably is formed from silicone rubber.