An inflatable toy plane assembly is provided. The plane assembly includes inflatable wings, an inflatable fuselage, an inflatable empennage (tail area stabilizers), and/or other inflatable elements. Not all elements of the inflatable plane assembly are required to be inflatable, e.g., the wings may be inflatable, and the fuselage may not. The plane assembly preferably includes one or more valves to facilitate the inflating and deflating of the plane's inflatable elements. In use, the inflatable plane assembly is deflated for compact storage (e.g., rolled up) and subsequently inflated when preparing the assembly for flight. The plane includes detachable wings and/or detachable tail stabilizers that are detached for storage, and subsequently reattached to the plane's fuselage and inflated for use.