A toy vehicle transformable between first and second forms includes an undercarriage, a top member having first and second surfaces serving as upper surfaces of the vehicle in the first and second forms, respectively, a front member rotatably connected to the front end portion of the top member, where the front member has first and second surfaces serving as front surfaces of the vehicle in the first and second forms, respectively, and a connector that connects the rear end portion of the top member to the undercarriage and that includes a separation rotation shaft for supporting the top member for rotation in a direction in which the top member moves away from the undercarriage and a turnover rotation shaft for supporting the top member for rotation in a direction in which the top member is turned over.