An inflatable flying toy made of plastic membrane. The flying toy is formed with several inflatable air passages communicated with each other. After inflated, the air passages are expanded to serve as a support frame for stretching and supporting the flying toy into a kite form. At predetermined positions of the air passages are disposed latch holes or wing holes connecting with a hook injection member or tied with a pull string. The hook injection member can be hooked with a catapult which is able to resiliently inject the flying toy as a glider. A pull string can be tied with the flying toy to control the flying or floating direction of the kite by pulling.