A device for administering cold therapy to a human ankle, and a method for administering cold therapy to a human ankle using the device. In accordance with the invention, two opposing flexible sheet members are connected via a web that spans a gap between them. At least one insert that includes a flexible, fluid-tight pouch containing at least a chilled, non-gaseous, temperature retaining fluid is releasably secured to one of the flexible sheet members. The insert is positioned adjacent to either the lateral or medial side of the human ankle. Bottom portions of each of the opposing flexible sheet members are secured to each other underneath the human's foot. Straps extending from the opposing flexible sheet members are drawn in opposite directions, one over the ankle ligaments on the top of the foot and another around the leg above the ankle, to secure the device to the human's ankle and thereby provide cold therapy and compression thereto.