Abstract: A toy hot air balloon effectively utilizes a cover positionable over an inflated toy balloon. The toy includes a suspended gondola, and the interiorly positioned toy balloon is substantially hidden from view within the balloon cover. An optional lightweight circular plate positioned on a topmost portion of the cover allows the toy to float against a ceiling structure. When a lighter-than-air gas is not used to inflate the toy balloon, the top circular plate may be constructed from a material which permits the balloon to be attached to ceiling structures, such as over-head lamps, drop ceiling supports, etc.