A toy gun with simulated shaking bullet chain includes a gun body, a bolt, an actuator assembly, and a bullet chain. The bolt is movably arranged on the gun body. The actuator assembly includes a swing member and an elastic member. The swing member is pivotally attached to the gun body and formed on one side of the bolt. The elastic member is secured on the gun body and elastically abuts against the swing member. The swing member includes an actuation portion and a swing portion disposed respectively on two ends thereof. The bullet chain is mounted on one side of the gun body, and the bullet chain includes multiple bullets and a belt connected to the bullets. One of the bullets is connected to the swing portion. Accordingly, the toy gun may simulate the visual effect of a real gun during shooting.