A ceiling fan with retractable fan blades includes an electric motor operable to spin a rotor with a plurality of fan blades attached thereto. Each of the fan blades is operable to move between a closed position and an open position. A rotatable center ring is included on the rotor and connecting rods join each fan blade to the center ring. Rotation of the center ring relative to the rotor moves the plurality of connecting rods and fan blades in unison. The fan blades are spring biased toward the closed position. When the rotor rotates, centrifugal forces acting on the fan blades overcome the spring biasing forces and cause the fan blades to move toward the open position. A governor is positioned between the rotor and at least one of the fan blades to limit the speed of movement of the fan blades between the closed position and the open position. The governor may take the form of a fluid cylinder.