A learning toy includes a board assembly having a plurality of perforations, and at least one toy element provided with a stud member for insertion into one of the perforations so as to attach the toy element onto the board assembly. The board assembly includes a base and a face panel removably superposed on the base, the base being formed with a plurality of perforations extending through the thickness of the base, and the face panel being formed with a plurality of perforations respectively aligned with the perforations of the base. A plurality of toy elements may be provided, the heads of the toy elements being embodied in various forms and configurations so that a variety of games may be played on the board assembly.