A bag-in-box beverage container and dispenser is provided, incorporating an outer shell fabricated preferably from corrugated paperboard material, and an inner liquid containing bag, fabricated from a suitable material. The carton includes ready assembly features, as well as an air cell structure for creating an air space for insulating hot liquids contained within the container. An easy opening feature is provided, to permit direct access to the inner liquid containing bag, and a recessed handle structure is also provided.