To provide a toy which can easily reversibly change display colors and a heating toy which is capable of easily discoloring the toy.

This reversible discolorable toy has artificial hair 11 including low-molecular cholesteric liquid crystals 2 which are immobilized in a state of varying selection reflection wavelengths according to a cooling initiation temperature. The toy is so formed as to change these liquid crystal 2 to various colors. The low-molecular cholesteric liquid crystals are made transparent by heating to a transition temperature to an isotropic phase or above and are discolored by maintaining the liquid crystals at a temperature at which a desired selection reflection is executed. Further, the discoloration is fixed by rapid cooling.