A beverage insulating device to cool a beverage in a bottle or can includes an outer container, a lid, and an inner container. The inner container may be filled with an insulator or refrigerant material to increase the thermal resistance across the inner container. The size and shape of the inner container may allow the inner container to surround at least a portion of the beverage while also fitting inside the outer container. The lid fits over the bottle or can and securely engages with the outer container to allow the beverage insulating device to simultaneously cool and insulate the beverage while also allowing consumption of the beverage.