A handlebar foldable mechanism and a tool for riding instead of walk are provided. The handlebar foldable mechanism includes a base, a stem, a first locking assembly, a lever and a second locking assembly. The base is provided with a first snapping groove, the stem is connected to the base and is pivotable between an unfolded position and a folded position, the first locking assembly is pivotably connected to the stem and is configured to be engaged with the first snapping groove when the stem is pivoted from the folded position to the unfolded position, the lever is pivotably connected with the base, the second locking assembly is mounted to the lever, and the second locking assembly is configured to be connected to at least one of the base and the stem when the stem is at the unfolded position.