The present invention is a boomerang flying toy having a plurality of blade arms with airfoil-like tapered perimeter edges along their respective cut lines to give the boomerang toy improved aerodynamic performance characteristics. The blade arms extend radially outward at equal angles from a central hub, where they are coupled together by interlocking fastener plates or self-adhesive decals affixed to the top and bottom surfaces at the junction of the blade arms. The top and bottom surfaces have optically perceived indicia to increase the toy's appearance and can be used to display a wide range of information including graphics, logos, advertisement, sales, and promotional information. An additional flying ring toy is die cut at the same time as the boomerang with only two additional circular cuts. The flying ring toy has the same enhanced flight performance and optically perceived indicia. A method of making the boomerang and flying ring toys in combination is by die cutting a sheet of thin, lightweight planar material comprising a foam center sandwiched between top and bottom opposed parallel surfaces of paperboard stock.