Abstract: The flying toy apparatus has improved launch and flight characteristics, is compatible either as a flying hoop-type structure or a disc-type structure, and can be readily disassembled for compact storage. The flying toy apparatus comprises an outer section and a central floatation member. The outer section includes an annular ring made of a solid material encased within a cushion-type material. The solid material enables firm grasping of the outer annular section during launch. The cushion-type material encases the annular ring and lessens any force imposed by the annular ring upon impact. By substituting one outer ring structure with a slightly different outer ring structure, the flying toy apparatus can be readily adapted for any variety of flight patterns.