A simulated shaking bullet chain type toy gun equipped with a bullet chain is provided. The toy gun includes a gun body, an actuated member, and a bolt assembly and a reciprocating assembly both reciprocatingly disposed in the gun body. The reciprocating assembly is linked to the bolt assembly and has a trigger portion reciprocating with the reciprocating assembly to produce a moving path. The actuated member is installed in the gun body and located on the moving path, and connected to the bullet chain. The reciprocating assembly reciprocates to trigger the actuated member by the trigger portion, and the actuated member links the bullet chain to shake, so as to achieve a high degree of simulation of the shaking effect of the bullet chain.