A flying cycle apparatus comprises a fuselage and a pair of wings extending laterally from the fuselage to provide lift. A jet engine is mounted within the fuselage with the air intake thereof extending through the front of the fuselage. The jet engine has a jet exhaust extending through the rear thereof with one or more jet exhaust ports extending downwardly through the bottom thereof. The one or more jet exhaust ports provide vertical take off and landing capability. A pilot seat is positioned on top of the fuselage with the pilot seat being adapted to have a pilot's legs straddle the fuselage. The pilot seat if further adapted to have an occupant able to access to a control panel. The control panel has means for controlling the proportion of jet exhaust exiting from each of the jet exhaust and jet exhaust ports. The control panel further including a control joystick which allows the user to maintain a stable position during vertical take off and landing maneuvers and to turn and bank when flying.