The pleasure boat "My Answer" caught fire around 1:00 a.m.
The local Coast Guard spotted their emergency flare between Cape San Blas and Port St. Joe.
The Coast Guard crew on-board a 41-foot utility boat from the station in Panama City pulled the four frightened boaters off of their burning vessel.
The Coast Guard put out the fire and then towed the boat back to Port St. Joe.
Rescuers say the four boaters were exhausted, but not seriously injured.