An adjustable combination flotation device comprises a support assembly structured to be disposed in an operative position about a user. The flotation device also includes a flotation assembly disposed in a supported configuration with the support assembly, the flotation assembly having at least one active flotation member and at least one passive flotation member. The adjustable combination flotation device also includes an attachment assembly having at least one primary attachment mechanism structured to securely attach the support assembly to a user in a fixed configuration so as to substantially limit displacement of the device relative to the user while the support assembly is disposed in the operative position. The adjustable combination flotation device may also include a protective member disposed substantially within the support assembly and structured to inhibit penetration by an offensive object, such as a bullet, shrapnel, or other projectile.