A live bait container that is adapted to float in water with a majority of the container in submerged condition and which is also adapted to maintain fishing bait in live condition when removed from the water. The structure of the container promotes internal circulation of water when floating and retention of a substantial volume of water to keep the bait alive when the container is removed from the water. A valve at the bottom of the container, an aeration tube and air supply cooperate to provide bait preserving water circulation and aeration while in and out of the water.