The invention discloses a children's rocking horse toy, which comprises a seat for supporting a child, wherein the seat is arranged on an arc-shaped rocking plate; a car head is arranged at one end of the arc-shaped rocking plate; the car head is arranged on a supporting body in a rotatable mode and a core wire of a rotating shaft is vertical; a first wheel group is arranged at the bottom of the arc-shaped rocking plate where the seat is located and a second wheel group is arranged at the bottom of the arc-shaped rocking plate where the supporting body is located; the first wheel group and the second wheel group are connected to a telescopic mechanism; and the lowest point wheel rims of the first wheel group and the second wheel group, driven by virtue of the telescopic mechanism, are moved downwards and extend out of bottom plate face of the arc-shaped rocking plate, or the lowest point wheel rims are moved upwards and are higher than the bottom plate face of the arc-shaped rocking plate. The rocking horse toy integrates two functions of a scooter and a rocking horse car, so that the playing interesting of the child can be enhanced.