A light-emitting device and a toy are provided. The light-emitting device includes a connecting shaft assembly, a first light-emitting assembly and a second light-emitting assembly. The first light-emitting assembly and the second light-emitting assembly are distributed along an axis direction of the connecting shaft assembly. The first light-emitting assembly includes a rotating component, a first magnetic induction coil, a first magnetic piece and a first lamp group. The rotating component can rotate relative to the connecting shaft assembly to drive the first induction coil to rotate relative to the first magnetic piece. The second light-emitting assembly includes a connecting piece, a second magnetic induction coil, a second magnetic piece and a second lamp group. Therefore, the rotation of the rotating component can enable the first light-emitting assembly and the second light-emitting assembly to emit light, so that multi-level light emission is realized and the light-emitting area of is more comprehensive.