An invertible floatation garment which alternately can be worn as shorts or as a vest includes a garment front sheet and a garment rear sheet which are laterally interconnected by lateral connecting segments to form a single tubular structure for fitting around the chest or trunk of a wearer. An upright forward slit opening is provided through the center of the front sheet to permit the garment to be opened so that the wearer can take the garment on and off, dividing the front sheet into a front sheet left portion and a front sheet right portion with closure fasteners. An front and rear sheet connecting segment narrower than the front and rear sheets defines on either side of it leg openings which become arm openings when the garment is inverted.