A method of forming a molded toy product is disclosed. In some embodiments, the method may include securing a preformed item having a first magnetic-attraction element in a desired location in a mold via magnetic attraction between the first magnetic-attraction element and the mold; adding moldable material into the mold such that the moldable material covers at least part of the preformed item; and curing the moldable material. A mold for manufacturing a molded toy product also is disclosed. In some embodiments, the mold may include a mold core including a surface and at least a second magnetic-attraction element complementary with at least a first magnetic-attraction element of a preformed item; and at least one mold cavity wall spaced from the mold core, wherein an area between the mold core surface and the at least one mold cavity wall is configured to receive moldable material.