A suspension system for a tracked vehicle, preferably having rubber tracks. The track assembly is mounted on a pivot shaft such that it can oscillate about the axis of the pivot shaft. The suspension system allows the track assembly to move vertically relative to the vehicle chassis to compensate for uneven terrain. For instance the track assembly can compensate for depressions or bumps in the terrain and preclude the chassis of the vehicle from tilting with each minor change in the terrain. In addition, the track assembly movement in the vertical direction provides a much smoother ride than do traditional tracked vehicles. The suspension system of the present invention is provided for use with a pair of track assemblies.