A flexible joint wrap includes a heat exchange bladder, which provides fluid circulation and compression to a joint. The joint wrap includes upper and lower sections for attachment above and below a joint. The bladder has an opening at a center section which provides flexibility of the bladder. The heat exchange bladder may be enclosed in a removable cover designed to conform to the shape of the bladder. The cover and bladder are formed with an opening in alignment with the joint to provide flexibility to the wrap. The cover may be formed of a fluid repellant inner lining to prevent fluid from the joint from soiling the bladder. The cover may further comprise a nylon loop outer surface to allow the upper and lower sections to be easily attached and adjusted.