The amphibious vehicle is a motorized vehicle capable of travel on land as well as in the water. The amphibious vehicle has a boat-like hull and a caterpillar track assembly mounted along each side by a respective pair of rotating supports. The tracks are arranged so that the tracks can be rotated between a lowered position supporting the amphibious vehicle and providing traction and propulsion during land operation, and a raised position, where the tracks rest vertically above the hull's deck during marine operation. With the caterpillar track assemblies in the raised position, the caterpillar track assemblies are fully removed from the water to improve performance and maneuverability therein. The track assemblies are hydraulically driven to rotate the wheels and tracks between the lowered and raised positions.