A vertically-adjustable caster wheel apparatus for use on a forklift truck, material handling cart, and the like. The caster wheel apparatus of the present invention provides a yolk frame having a pivot pin connected to and extending through the yolk frame. A wheel frame has one end pivotally connected to the yolk frame and a second end rotatably connected to a wheel. An elastic member has a first retainer connected to one end of the elastic member and a second retainer connected to an opposite end of the elastic member, wherein the first retainer is connected to the pivot pin in the yolk frame to allow the elastic member to pivot with respect to the yolk frame. Means for adjusting the vertical height of the wheel is provided by adjusting the angle of the wheel frame relative to the yolk frame.