Abstract: A child's wagon movable between a use position and a folded, compact, storage configuration. The wagon has a transversely divided bed so that the bed can be hinged for folding from a flat position for use to a position in which the two bed halves are in face-to-face contact for storage. The wagon can be securely latched in either of the use and storage positions. Removable rail modules are provided with extending pegs that fit in holes through the bed along the edges of the bed. In use, the rail modules are installed in the bed to provide sidewalls while in the folded position the rail modules are installed in the same holes in what was the bottom of the wagon. Wings may be provided that can be fastened to side rails to extend upwardly and outwardly of the wagon sides. The wheels and their mounting assemblies may be removable.