A method and apparatus is provided for long-term extracorporeal preservation of living tissue. A living tissue preservation device including a gas permeable membrane and perfusate allows oxygenation of the living tissue. The gas permeable membrane allows gas from a cyclically pumped source to permeate and expand the membrane, simultaneously oxygenating the perfusate and pumping the oxygen-enriched perfusate through the living tissue. Simply constructed of a few basic components into a single integrated container, the living tissue preservation device is capable of operating in many physical orientations, and requires no electrical power for operation. Also provided is a portable cold storage unit that is capable of receiving a living tissue preservation device and maintaining the tissue in the device at a substantially constant temperature of 4.degree. C..+-.1.degree. C. for at least 24 hours. Finally, a method of preserving extracorporeal living tissue incorporating the living tissue preservation device and cold storage unit is provided.