A diving toy having hydrostatic depth control adapted to cause said diving toy to continuously seek a predetermined depth in water. The diving toy includes a sealed main body with a motor and a battery compartment for receiving at least one battery positioned inside the sealed main body. A propeller is attached to an axle of the motor protruding through the sealed main body so that when the motor is activated the propeller spins. The sealed main body has a flexible portion disposed substantially rearward on the sealed main body. The flexible portion is hydrostatic pressure sensitive varying the fluid displacement volume and volumetric center of the toy as it dives or climbs. The toy may be adapted to have positive, negative or neutral buoyancy when placed in water.