The present invention relates to a transforming toy and, particularly, to a multi-step transforming toy, wherein the toy transforms in a first step in a process of preparing for a launch and transforms in a second step in a process of lunching a traveling object, and the traveling object, which has passed through the transforming toy, also transforms. Therefore, the toy can arouse a child's interest and launch a predetermined shaped object such as a missile, a fist, or a baby dinosaur.