A parachute system for a miniature aircraft having a storable parachute mounted on an upper surface of the aircraft. The system includes a canopy having a stored condition and an expanded condition. A plurality of suspension lines have first ends connected to the periphery of the canopy and second ends connected to an elastic member. First and second risers are connected by their first ends to the upper surface of the aircraft between the front end and center of gravity on either side of the longitudinal axis and by their second ends to the elastic member. A restraint system releasably restrains the parachute in the stored condition on the top surface of the aircraft; and a release system coupled to the restraint system releases the parachute upon command such that aerodynamic forces will cause the parachute to open.