A waterfowl decoy having oscillating wings includes an oscillation mechanism having an anchor plate fixedly disposed in the interior cavity of a waterfowl decoy body, first and second wing gears pivotally attached to the surface of the anchor plate, the wing gears intermeshed such that pivoting movement of one causes corresponding counter-pivoting movement in the other, a drive wheel and link for reciprocally pivoting the first wing gear within a defined arc, and a pair of wings attached to the wing gears and extending outwardly from the decoy body, such that reciprocating movement of the wing gears causes the wings to oscillate in a motion resembling that of the flapping wings of a bird in flight.