A multi-function yo-yo switchable between operation as a traditional yo-yo, a free-spin yo-yo, and a centrifugal-clutch yo-yo. Within one or both of the fly disks is one or more rotational-speed governors, and about the axle is a cylindrical axle sleeve which is rotatable about the axle. Each governor is spring-biased to an inwards position the governor contacts the axle sleeve, forcing the axle sleeve to rotate with the fly disks and axle. However, when the yo-yo spins sufficiently rapidly, the governors are thrown by centrifugal force to a radially-outwards position so as not to be in contact with the axle sleeve so that the axle sleeve may rotate independently of the fly disks. A function control switch locks the governors in the inwards position or the outwards position or allows the position to be controlled by centrifugal force.