The present flying ski is designed to be towed behind a conventional powered watercraft with the rider in a seated position. The flying ski comprises an elongate board and a seat that extends generally perpendicular to and upward from the board to support the seated rider. The seat preferably includes a flexible C-shaped member for absorbing impacts during use. An elongate strut extends downward from the board and couples the seat to a planing blade. The planing blade advantageously has a front blade and a rear blade interconnected by a fuselage. The present flying ski also accommodates a variety of rider skill levels by incorporating a mechanism and system that allows the rider to selectively adjust performance characteristics of the ski. In particular, the rider can control stability, lift and maneuverability ski characteristics to accommodate the rider's particular skill level and the particular challenge that the rider seeks. More particularly, the position of the rear blade may be selectively movable with respect to the fuselage to change the hydrodynamic characteristics of the flying ski.