A toy flashlight formed in a configuration including a strobe module. The flashlight includes a handle housing and a releasably mounted transparent enclosure with the strobe module enclosed therebetween. The strobe module is provided to switch a light source between ON state and an OFF state to create a rapidly blinking light. Further, a strobing circuit is provided to control the switching mechanism of the strobe module. In this manner, the strobe module with strobing circuit can be inserted into a conventional flashlight to enhance its play value.