The horse, named Moonshine, fell through the ice at Devon Glen Farm on Bay Road in the North Shore town of Hamilton around 12:30 p.m. Saturday.
When Hamilton firefighters got there, they found the horse in the mud up to her neck.
A tree service company also provided a crane and a large wrecker was brought in from a towing company for the rescue.
"It took about 2 1/2 hours. We were finally able to get straps under (her) and enough mud dug out around (her) that with great human effort and Moonshine’s effort as well, (she) was pulled out of the hole and (she) walked away,” Hamilton Deputy Fire Chief Kirby Brand told WBZ NewsRadio 1030.
Brand said Moonshine's body temperature dropped five degrees during the ordeal.
She was brought to a heated barn and given warm IV fluids.