Abstract: A slipper having a sole and a foot covering that transforms into a toy play character by coupling the sole to the foot covering. The toy character may take the form of an animal, a human figure, or an imaginary, or abstract character, or other object. The transforming slipper toy may be made of plush material. Conveniently, the sole is coupled to the foot covering using Velcro®, button or snap fasteners, hooks, a zipper® or string. The sole may also have a pocket for receiving a heel portion of the sole whereby the sole and the foot covering are united.