The invention provides a folding bicycle convenient to drag and travel. The folding bicycle comprises a hand lever (9) and a universal wheel (11). A fixed end of the hand lever (9) is pivotally connected to the rear end of a rear storage rack (7), a free end of the hand lever (9) is lifted up when the folding bicycle is dragged, the universal wheel is mounted at a lower port of a saddle tube (3), and when the bicycle is folded, the universal wheel extends out of a frame middle tube (4) and is in contact with the ground. When the folding bicycle is dragged, the universal wheel (11) is in contact with the ground, and the universal wheel (11), a front wheel (81) and a rear wheel (82) form a stable triangular support, and the free end of the hand lever (9) can be lifted up. The folding bicycle has the advantages that the folding bicycle can be used conveniently and quickly, is convenient to drag and can stop and travel at any time.