To provide an eraser moulding toy with which it is possible to mould an eraser having a coloured pattern or design, a plurality of thermofusible eraser members 1 of differing colours are placed in succession inside a moulding container 2 so as to form a required pattern or design etc., and the moulding container 2 is heated in order to fuse the surfaces of the eraser members 1 together to mould an eraser P having a coloured pattern or design in the mould shape of the container.