The self-inflating convertible life raft may be launched from a distressed ship or a downed aircraft. Suspended from the sides of the hull are uniquely positioned anti-capsize water ballast bags which are fully retractable to allow for life raft maneuverability. In order to convert the life raft into an effective sailing boat; the mast, sails, lee board, and tiller-rudder assembly are stowed inside a standard-sized lift raft cannister or valise. This easily assembled gear allows the user to effect self-rescue by sailing the life raft to a chosen destination.