A molded pet toy includes sections or layers of various hardnesses. The pet toy may be constructed through known injection molding, transfer, or compression molding processes. The layers and sections typically have varying hardnesses which facilitates use of the pet toy for a specific purpose. For use as a pet toy, an optimal arrangement provides that the outermost section or layer is of a lower hardness, while the inner sections or layers have a higher hardness. Durability of the pet toy is increased through the molding process which prevents separation between the layers. The pet toy is preferably shaped aerodynamically so it may be easily thrown by a user.