An insulated collapsible container suitable for a material handling box, equipment carrying case, food insulator, beverage insulator, trash receptacle, tote pail and the like, which is constructed from two flat blanks of structural material arranged for a high production rate. One blank forms a three sided collapsible structure including double walls, an inwardly folding bottom, a three position snap action lid hinge, an insert frame retaining clip, rim stiffeners, bail holes and hand holes. The remaining blank forms the mating insert frame around which two flexible liners are tightly placed, thus forming an insulating air entrapment therebetween. After pushing inward the bottom, container transformation from expanded to collapsed configuration is by inward movement of container sides. A flexible bail serves the dual purpose of container transport and retention of the collapsed state. The container is transformed from collapsed to expanded configuration by inward movement of front and back edges.