A bicycle towing device which is positioned between a tow bicycle, such as an adult bicycle, and a towed bicycle, such as a child's bicycle, and enables the towed bicycle to function as a one wheeled bicycle trailed behind the tow bicycle. The bicycle towing device in accordance with the present invention enables the towing of an intact and ridable towed bicycle behind the tow bicycle by lifting the front wheel of the towed bicycle off the ground and, if desired, the towed bicycle can be pedaled while it is being towed by the tow bicycle. When not in use, the bicycle towing device in accordance with the present invention is capable of being collapsed and stored on the tow bicycle. When it is desired to operate the towed bicycle in a one wheeled bicycle trailed mode, the bicycle towing device is capable of being removed from its stored position on the tow bicycle, extended and quickly and easily attached to the towed bicycle such that the towed bicycle can be ridden as a one wheeled bicycle trailer behind the tow bicycle.