A freewheel basically has an inner tubular member, an outer tubular member rotatably mounted on an inner tubular member with a clutch pawl selectively connecting the outer and inner tubular members together. A pawl-retracting member is disposed between the outer and inner tubular members with the pawl-retracting member frictionally engaged with the internal circumferential surface of the outer tubular member to rotate with the outer tubular member between a pawl-retracting position in which the pawl-retracting member maintains the clutch pawl in a disengagement position and a pawl-releasing position in which the pawl-retracting member releases the clutch pawl to move to an engagement position.