Following the work of Kieffer and Titus (2001, Icarus 154, 162–180), we present results of thermal IR observations of Korolev crater, located at ∼73° latitude in the martian northern polar region. Similar to techniques employed by Titus et al. (2003, Science 299, 1048–1050), we use infrared images from the Thermal Emission Imaging System (THEMIS) aboard Mars Odyssey to identify several regions within the crater basin with distinct thermal properties that correlate with topography. The THEMIS results show these regions exhibit temperature variations, spatially within the crater and throughout the martian year. In addition to the variations identified in the THEMIS observations, Mars Global Surveyor Thermal Emission Spectrometer (TES) observations show differences in albedo and temperature of these regions on both daily and seasonal cycles. Modeling annual temperature variations of the surface, we use TES observations to examine the thermal properties of these regions. This analysis reveals the crater interior deposits are likely thick layers (several meters) of high thermal inertia material (water ice, or extremely ice-rich regolith). Spatial variations of the physical properties of these regions are likely due to topography and possibly variations in the subsurface material itself. The nature of these deposits may help constrain polar processes, as well as provide context for the polar lander mission, Phoenix.