A collapsible toy airplane reconfigurable between storage and use configurations. At least one spar member forms first and second wings and is coupled to a fuselage. The main body member and the at least one spar are formed from spring steel with an arcuate cross section whereby they can be reconfigured from a straight, substantially rigid disposition to a coiled configuration. A sheath of flexible material envelops the at least one spar member. The at least one spar member can be pivotable from a use configuration forming the first and second wings to a collapsed configuration substantially in-line with the main body member. The wings can be formed from first and second spar members, each pivotally coupled to the main body portion and each adjustable from a use configuration disposed at a dihedral angle to a collapsed, in-line configuration.