The invention discloses a light vehicle and a folding mechanism thereof. The light vehicle comprises push handle upper tubes, push handle lower tubes, push handle seats, side handrails, swinging rods, rear wheel brackets, rear wheel seats and front wheel brackets, which are symmetrically arranged on the left and right sides, wherein the swinging rods, the side handrails, the rear wheel brackets and the push handle seats form four-point mechanisms; swinging rod mechanism consisting of the front wheel brackets and lower swinging rods mutually form a folding mechanism; the swinging rods are connected with the rear wheel brackets through small connecting rods; and the small connecting rods can drive sliding connecting rods, which are arranged on the rear wheel brackets in a sliding way, to move and drive the rear wheel brackets to be folded. The invention is advantaged in that the whole frame are folded under the driving of the four-point mechanisms, which include the swinging rods, the side handrails, the rear wheel brackets and the push handle seats, and the swinging rod mechanisms, which include the front wheel brackets and the lower swinging rods; rear wheels of the vehicle are folded inwards during folding; the folding process is convenient and can be operated by single hand; the folding dimension is reduced; and the folded vehicle can also self-stand so that the folded vehicle is convenient to store and the storage space is saved.