An ATV trailer is described, including a wheeled frame portion having a multi-purpose tongue secured thereto which extends forwardly for connection to an all-terrain vehicle (ATV). In the various embodiments of the ATV trailer, the multi-purpose tongue may be enabled for pivoting to a near vertical position for storage, enabled for better tracking over rough terrain, and the like. The wheel assembly may pivot or be fixed, depending on the embodiment of the ATV trailer. The ATV trailer includes an adjustable mud flap assembly.