In 1959 Kilauea Iki erupted leaving a 110 to 120 m lake of molten lava in its crater. The resulting lava lake has provided a unique opportunity to study the cooling dynamics of a molten body and its associated hydrothermal system. Field measurements taken at Kilauea Iki indicate that the hydrothermal system above the cooling magma body goes through several stages, some of which are well modeled analytically. Field measurements also indicate that during most of the solidification period of the lake, cooling from above is controlled by 2-phase convection while conduction dominates the cooling of the lake from below. A summary of the field work related to the study of the cooling dynamics of Kilauea Iki is presented. Quantitative and qualitative cooling models for the lake are discussed.