A flip toy assembly provides a launcher having and a projectile that is launched and can be caught by the launcher. The launcher has an elongate handle. The handle has a top end and a bottom end, distal from the top end. A head is fixedly attached to the bottom end. A projectile has an apex having a first side and a second side. A first leg extends away from the first side of the apex and a second leg extends away from the second side of the apex. A method of playing a game with the flip toy assembly is also provided.