A floatable pet toy including a hollow deformable body with a buoyant material, such as a closed cell foam, inside of the body. The buoyant material increases the pet toy's buoyancy and resistance to deformation for durability. A rope may be attached to the body. In a second embodiment, the body may be elongated, made from elastomeric material, and substantially filled with a closed cell foam insert. This insert has a rope running longitudinally through its center and through an opening in a second end of the body. In a further embodiment, the body may be made from a flexible material, such as canvas or plastic. In a still further embodiment, the buoyant material may be injected into a sealed hollow deformable body for increased buoyancy and durability.