A YoYo with the function of a peg-top comprises two rotating discs between which a center rotating shaft is connected, and a rope is tied on the center rotating shaft; the centre of the outer side face of each rotating disc protrudes to form a lateral shaft core, the center rotating shaft of which is arranged on the same straight line, the lateral shaft core is sleeved with a lateral shaft housing, and a bearing is arranged between the lateral shaft cover and the lateral shaft housing; the outer end of the lateral shaft housing is also connected with a tampered convex grain. The YoYo has various playing types, not only can be used as the YoYo to play, but also can be used as the peg-top to play; in addition, the structure is simple, an emitter is not needed to be additionally provided, and the YoYo can be started up by high-speed rotation when being used as the peg-top to play.