A hovercraft is capable of operation on either a solid surface or a liquid surface. The hovercraft includes a hull on which is mounted at least one thrust-lift fan assembly for providing an air cushion under the hovercraft and for propelling the hovercraft in a forward or reverse direction. The hovercraft also includes a steering fan assembly mounted transversely to the thrust-lift fan assembly and that allows the hovercraft to be steered in any lateral direction. The hovercraft is controlled by operation of the fans in the appropriate direction, and may be in the form of a wireless remote control toy.