The folding step ladder has lower and upper treads and lower and upper risers which are pivotal relative to the treads. The ladder also has front and back side panels on each side of the treads. The side panels on each side are pivotal relative to each other. The lower riser is pivotal relative to the lower tread and to both of the front side panels. A rear panel is pivotal relative to both of the back side panels and the upper tread. When the step ladder is closed or folded and one of its components is lifted, gravity causes the step ladder to open or to unfold. When another of its components is lifted while the step ladder is open or unfolded, gravity causes the step ladder to close or to fold. Handles are provided on the two components to facilitate lifting of them.