A mobile, self-contained cold therapy device having a container including an internal liquid or ice water tank, air and water pumps for driving air and water to a cold therapy pad with internal air and water bladders, wherein the pad is worn on an injured region of a user. The device includes an electronic controller for controlling air and water flow to and from the bladders, and a holder for supporting the container and worn on the user's body for portable, hands-free mobility while receiving cold therapy. Nipples are incorporated into a thermal conduction surface of the pad and reciprocated into the user's injured region by an air bladder to further reduce edema.