A mortar launching toy has an angularly adjustable firing barrel and a soft rocket-shaped toy mortar for being launched from the barrel in various modes of play. The toy includes a spring-activated launching pole to which the mortar is pre-loaded, the mortar/pole subassembly is loaded into the barrel to prepare for launching. A locking feature retains the subassembly in the barrel prior to launching. A trigger mechanism cooperates with a symmetrical dual-finger release mechanism to release the mortar during launching. The locking feature retains the launching pole in the barrel during launching.