A squeezable tongue-wagging toy figure with a squeeze mechanism which includes a squeaker provided within a space defined by four hinged panels in elliptical cylinder shape, and a toothed rack meshed with a gear chain that is coupled with a bar with a toy tongue. When the panels are squeezed, the rack drives the gear chain in one direction and in turn pivot the bar towards one side and the squeaker produces a sound, and when the panels are released, the rack drives the gear chain in an opposite direction and in turn pivot the bar towards an opposite side and the squeaker produces another sound.