Abstract: A aerial toy comprises a hollow sleeve member and a base member to receive and accommodate the hollow sleeve member longitudinally for sliding movement, the base member having a cap provided with a plurality of holes permit air entrance into the base member when it is pulled and an air insulation member bendably placed thereof inside the cap in a position opposite to the holes to prevent air exit from the base member when it is pushed to permit easy sliding of the base member along the hollow sleeve member while maintaining sufficient compressed air thereof. The aerial toy apparatus further comprises an air chamber into which the hollow sleeve member fits securely and a launch tube into which the air chamber fits securely to receive the compressed air from the hollow sleeve member and a flying member mountable onto an upper end of the launch tube to be pushed off of the apparatus by the compressed air released from the launch tube.