An illuminated aerator dip net system is submerged into a body of water within a container. The dip net assembly has a net with a rigid air tube and lid with a handle attached as one unit. An aerator is attached to the top of the lid. A flexible air tube is connected to an air valve, which is attached to the rigid air tube. The aerator pumps oxygen through the air valve and through the rigid air tube to an air stone that is attached to the bottom of the net thereby oxygenating the body of water within the container keeping the bait alive. The aerator provides an electrical source and switch for a light that is mounted to the bottom side of the aerator. A hole provided in the lid of the dip net assembly allows the light to illuminate live bait within the container.