A multiple purpose ice fishing bucket lid device provides a seat, storage, and additional functionality in a lid for covering a bucket. The device includes a housing for coupling to a bucket such that the housing covers the bucket. The housing defines an interior space. A pail is couplable to the housing wherein the pail extends into the interior space for holding bait. The pail is alternatively couplable to the housing in an inverted position wherein the pail extends upwardly relative to a top wall of the housing defining an elongated compartment with the interior space and an interior of the bucket for holding an elongated implement such as an ice fishing rod.