A three dimensional toy horse formed of separate connectable parts and being suitable for incorporation into children's riding and hobby horse toys. The toy horse includes a substantially hollow main horse body having a neck opening and front and rear leg receiving portions. A horse head is matingly connectable to the neck opening as are the front and rear legs, which are connectable to corresponding front and rear leg receiving portions. The main horse body has a hollow interior volume sized to receive and store the horse head therein and also preferably, the front and rear legs for economy of shipping and storage space thereof.