A combination food cooler and table assembly includes a cooler base having an insulated cavity covered by a removable lid and a table assembly overlying the cooler lid. A table sub-panel has two legs that slide within table leg sleeves at opposite ends of the cooler base. A table top mounted over the sub-panel includes a central panel and a pair of drop leaves hingedly attached to opposite sides of the central panel. A pair of handhold openings in the sub-panel, accessed through hinged covers at the ends of the central panel, permit the user to raise the table assembly to a desired height. The central panel is mounted atop the sub-panel by means of a swivel mechanism that permits the table top to be rotated about its central axis 90 degrees with respect to the sub-panel when the drop leaves are raised outwardly and upwardly from a vertical or transport position to a horizontal position. A locking handle/pawl mechanism associated with each of the table leg sleeves engages a selected one of a plurality of recessed notches in the table leg sleeves to thereby lock the table assembly in a raised position of desired height above the cooler base.