The present invention relates generally to a toy water gun and, more particularly, to a pressurized toy water gun having a mixing nozzle or nozzles for simultaneously discharging and mixing two or more liquids after they pass through the mixing nozzle. In one embodiment, the toy gun may include separate tanks or reservoirs for storing the liquids, and separate nozzles for receiving and discharging the liquids in discharged streams of liquid. The toy gun may further include a pressurization mechanism in fluid communication with the tanks and the nozzles to provide pressure to cause the liquids to be discharged from the nozzles in the discharged streams of liquid. The nozzles may be oriented relative to each other such that the discharged streams engage each other after being discharged from the outlets of the nozzles to mix the liquids.