A hovering toy creature having a propulsion system, a control system, a winged body, and a wing actuation assembly. The winged body is mounted to the propulsion system, which is controlled by the control system. The wing actuation assembly is mounted to the winged body, and the wing actuation assembly is powered by the control system. The wing actuation assembly drives the wings in an oscillating flapping motion. The wings comprise apertures permitting air passage through the wing, thus reducing the aerodynamic effect of the flapping motion. In this manner, the wings produce a “bouncing” flight action, thus creating a realistic flight motion. In another embodiment, the propulsion system comprises one or more rotors in a coaxial arrangement. The hovering toy creature is operated by either a wireless control device or a timer device.