The invention discloses an inflatable toy, which includes a toy shell, a bubble blowing device and a fan. Herein, the toy shell is used for a carrier of the inflatable toy, the bubble blowing device is at least partially located inside the toy shell, the fan is used for inflating and providing flowing air, and the toy shell and the bubble blowing device share the same fan. With the adoption of the above technology, by skillfully combining the toy shell with the bubble blowing device, the inflatable toy can blow beautiful bubbles at the same time, which is more ornamental and fun. Meanwhile, the toy shell and the bubble blowing device share the fan, which finally achieves the purpose of saving energy, making the inflatable toy more vivid and lifelike and can interact with others.