The present invention relates to a foldable tricycle, operable between a first mode of operation steerable by a tricycle rider, and a second mode of operation steerable by an attendant pushing the tricycle. The tricycle comprising: a pair of rear wheels; a foldable seat comprising a chair and a back support, for accommodating said tricycle rider; a foldable arm rest, connected to said foldable seat; a parental handle, for steering said tricycle by said attendant pushing the tricycle; a main frame, configured to rotatably hold said rear support, to support said foldable seat, to rotatably support said rider handle, to rotatably support said fork; and a latching mechanism, capable of locking and unlocking the rotatable movement, of the rear support, in relations to the main frame.