Hibernomas are rare benign neoplasms composed of brown adipose tissue. Although they were first mentioned in the literature almost a century ago, relatively few reports have documented their range of pathological features. Multivacuolated fat cells with small, central nuclei are typical features of hibernomas. Based on the nature of the stroma and the appearance of the multivacuolated cells, 4 categories of hibernomas are described: typical, lipoma-like, myxoid, and spindle cell. The myxoid variant is very rare. In this report, we present and characterize the spectrum of morphological features of the myxoid variant of hibernoma by describing the case of a 45-year-old white man who was referred to our hospital for treatment of an ovoid mass in the posterior segment of the right deltoid region. Histopathologic examination of the resected specimen revealed a multilobulated, tan-yellow, variegated tumor with a rubbery consistency that was separated by thick fibrous septa with interspersed collections of foamy histiocytes. The mass was initially diagnosed as schwannoma with degenerative changes, but workup revealed a myxoid variant of hibernoma. This report highlights recent advances that may help confirm the diagnosis and explain the differential diagnosis of this rare tumor. This is one of only a few cases of a myxoid variant of hibernoma reported in the literature.