This invention relates to a novelty or foldable toy light having an appearance similar to that of a switchblade knife. The light includes a housing with an extensible element which rotates from a position within the housing to a position extending away from the housing. A lamp within the extensible element powered by batteries within the housing illuminates the extensible element which is made of light conveying material. The lamp is activated by a rotary switch within the housing so that the extensible element is illuminated in response to outward rotation of the extensible element.