A folding balance bike includes a frame, a front wheel assembly pivotally mounted on one end of the frame, and a rear wheel assembly pivotally mounted on the other end of the frame opposite to the front wheel assembly. The front wheel assembly is pivotable with respect to the frame to steer the folding balance bike. The rear wheel assembly is pivotable with respect to and able to be received into the frame to adjust a wheelbase of the folding balance bike to cause the folding balance bike to be operable between an operative state and a stored state.