The AeroMobil Flying Roadster 3.0 is the first flying car to be developed in Europe.
Like a car, it has four wheels but it also includes a set of wings and a propeller.
It will be possible to park the vehicle in regular parking spaces and fuel it at normal petrol stations
The vehicle will reach speeds of over 100mph when used as a car. However, as an airplane, it will be able to reach speeds of 124mph.
The flying car won't be cheap and is expected to cost around £172,000.
Further development will take place over the next few years.
Developers have revealed an advanced prototype of a flying car at a technology conference in Vienna.