A toolless folding bicycle for facilitating storing and transporting a bicycle when not in use is provided. The toolless folding bicycle includes a bicycle assembly being designed for being ridden by a user across a support surface. The bicycle assembly comprises a frame member, a drive assembly and a steering assembly. The drive assembly is operationally coupled to the frame member whereby the drive assembly engages the support surface. The drive assembly is designed for being actuated by the user whereby the drive assembly propels the frame member across the support surface when the drive assembly is actuated by the user. The frame member is designed for supporting the user when the user is seated on the frame member. The drive assembly is operationally coupled to the frame member for steering the frame member across the support surface when the drive assembly propels the frame member.