The GPS locatable multi-purpose life jacket system is a survival vest having usefulness in a wide variety of unfortunate situations. The vest has a GPS transmitter that transmits the wearer's location and has a multi-colored light having blue and red strobe lights visually indicating the location of the distressed wearer in a dark environment, and a white light for using as a flash light in dark locations. A removable floatation collar is attached about the neck opening which may be automatically inflated via a CO2 cylinder, to act as a life jacket, if water submersion is detected for more than thirty seconds. The red and blue lights of the multi-colored light may also be automatically activated, but can also be manually activated. The vest has pockets for carrying an I.D. card, means to start a fire, and tools for emergency survival.