A container insulating and cooling system includes a perimeter wall having an upper edge and a lower edge. The perimeter wall has an inner surface and an outer surface. The upper edge defines an opening extending into the perimeter wall. A plurality of cells is attached to the inner surface of the perimeter wall. Each of the cells is comprised of a water permeable and flexible material. The cells each have an absorbent material therein that expands when hydrated such that the absorbent material fills and expands the cells. The cells are hydrated and frozen such that the cells are abuttable against a container to cool the container.