Abstract: A combined toy parachute and launching device having a tapered pole launcher, a parachute extending over the smaller end of the pole, a weighted knob secured to the larger end portion of the pole and a second knob removably positioned on the smaller end about which the parachute is draped. A sleeve is slidably mounted on the pole and secured to the ends of the parachute shrouds whereby upon throwing the pole into the air, and upon the pole having arrived at the apex of its flight, pole will fall downwardly as the parachute commences to gather air within its folds, the sleeve will slide upwardly on the pole and remove the second knob from the end of the pole to slide free of the pole. The parachute will then float freely in the air while the pole and the knob will fall to the ground.