A device for applying cold therapy to the foot of a wearer is disclosed. The device comprises a foot pad having a premolded configuration for directly contacting the bottom of the foot and surrounding heel area. The foot pad includes a heel portion sized to receive and surround the heel of the foot and a raised and contoured arch portion positioned to place localized pressure on the arch of the foot. The entire foot pad is formed of an ice pack that includes a container or shell for receiving and containing a substance capable of maintaining an extremely low temperature for an extended period of time during application to the foot. The device also includes a securement mechanism that is arranged for engaging the foot pad to the bottom of the wearer's foot.