A multi-function yo-yo switchable between operation as a fixed-axle yo-yo, a free-axle yo-yo, and a centrifugal-clutch yo-yo (i.e., a yo-yo which operates as a free-axle yo-yo when it spins sufficiently rapidly, and as a fixed-axle yo-yo when it spins sufficiently slowly). Within one or both of the fly disks is one or more rotational-speed governors, and about the axle is a cylindrical axle sleeve which is rotatable about the axle. Each governor is spring-biased to an inwards position where a contact pad on the governor contacts the axle sleeve, forcing the axle sleeve to rotate with the fly disks and axle. However, when the yo-yo spins sufficiently rapidly, the governors are thrown by centrifugal force to a radially-outwards position where the contact pads are not in contact with the axle sleeve so that the axle sleeve may rotate independently of the fly disks. A function control switch on the exterior of the yo-yo is easily accessible and allows rapid switching between yo-yo functions. Preferably, the switch has multiple throw levers about the exterior of the yo-yo to facilitate quick access. In its first position, the switch locks the governors in the inwards position and the yo-yo operates as the fixed-axle yo-yo. In its second position, the switch locks the governors in the outwards position and the yo-yo operates as the free-axle yo-yo. In its third position, the positions of the governors is determined by the balance between centrifugal force and the spring biasing, and the yo-yo operates as the centrifugal-clutch yo-yo.