A paint tray system including a paint tray and a lid that may be sealed to the paint tray in a generally airtight manner. The shape of the lid corresponds to the interior of the paint tray so that the volume of air sealed in the paint try by the lid is minimized. The underside of the lid may also include a recess that may receive a paint applicator between the paint tray and the lid. The paint tray may also include an applicator rest for holding a paint roller in the paint tray while keeping the handle out of a paint reservoir.