A collapsible or compactable hydrofoil device having front and rear foils, a support structure and a steering mechanism that may be collapsed into a compact size for transport and storage. The steering mechanism includes several releasably coupled components that are in turn coupled to a drive platform and drive foil. The drive platform may be configured in a plurality of embodiments that each achieve ready disassembly and reassembly. The drive foil may be configured of multiple releasably couplable sections.