A convertible combined road, water, and aircraft vehicle has a road form, a water form, and an aircraft form. The vehicle includes a vehicle body having a passenger compartment and wheels supporting the vehicle body on the ground when in the road form. A wing assembly is attached to each side of the vehicle body. Each wing assembly includes a wing and at least one propelling device attached to the wing. The propelling devices may be jet engines, or ducted fans or in-wing propellers. A wing assembly rotating mechanism rotates the wing assembly 360 degrees when the vehicle is in the aircraft form so that thrust is provided in 360 degrees, allowing for vertical takeoff and landing and mid air hovering. A wing assembly positioning mechanism positions the wing assembly between an open-winged flying position and a folded or closed-winged non-flying position. A rear propelling assembly is provided to propel the vehicle in the air, and a tail assembly is provided which includes elements for maneuvering the vehicle in the air and water. The rear propelling assembly includes a rear propelling device and a propelling device positioning mechanism capable of positioning the rear propelling device through a range of at least 90 degrees between a position for providing the vehicle with vertical lift or thrust and a position for providing the vehicle with forward thrust. The rear propelling device may be a jet engine or a propeller. An operator's control unit is disposed in the passenger compartment with which an operator controls vehicle.