A children's ride-on toy convertible between tricycle and a scooter configurations includes a curved backbone having an upper end segment and a lower end segment defining an upwardly facing step area, rear wheels rotatably mounted to the lower end segment, a front fork including a head post rotatably mounted to the upper end segment and a front wheel rotatably mounted to the fork. The toy also has a rigid frame member with first and second ends and a seat area between those ends, the first end being connected by a two-axis pivot joint to the head post, This allows the frame member to be moved between a first, tricycle, position wherein the frame member extends over the backbone away from the head post such that the seat area faces upwardly away from the backbone and a second, scooter, position wherein the frame member extends up in front of the head post to a location spaced above the backbone thereby exposing the step area. Provision is made for releasably retaining the frame member in its two operative positions and the same handlebars are used in both configurations.