The present invention comprises a therapy boot for treatment of the ankle or lower leg. The therapy boot comprises a hard outer shell having an open anterior portion, a base portion, a posterior portion, two oppositely disposed side portions, and a pocket with an opening provided in each of the side portions. The therapy boot also comprises an air bladder comprising two inflatable chambers, a corresponding one of the two inflatable chambers being disposed on an inside of each of the side portions. Respective gel packs are also provided which are adapted to be inserted into one of the respective openings of the pockets in between the air bladder and at least one of the lower leg or the ankle. The gel packs are pressed against at least one of the lower leg and the ankle by the corresponding inflatable chamber of the air bladder.