A quick release device for bicycle wheel is disclosed, including a mandrel, a wrench, at least one key, a limiting member, and an elastic member. The mandrel includes a shaft and an axial sleeve positioned at one terminal of the shaft and formed with multiple first grooves. The wrench includes a sleeve mounted on the axial sleeve, and is movable between a first position and a second position. The sleeve includes at least one second groove, wherein the key is positioned within one of the first grooves and the second groove when the sleeve is at the first position; the key is apart from one of the first grooves when the sleeve is the second position. The limiting member fits around the mandrel and includes a stopper. The elastic member is between the key and the stopper. Whereby, the application strength and lifetime can be increased with a lightweight feature.