An animated squeaky pet toy provides an animated, chewable pet toy that emits a squeaky sound when compressed from multiple directions and pressures due to an alternating pattern of accordion and bulbous sections. An elongated compressible inner chamber provides a generally elongated body portion having an alternating pattern of at least one accordion section and at least one bulbous section. The accordion section includes multiple folds that produce air flow when pulled or compressed laterally. The bulbous section increases the diameter of the body portion, and can be compressed axially and diagonally to produce air flow. The compressible inner chamber includes a pair of ends having an aperture. A reed passes through each aperture. The reed vibrates to produce a squeaky sound when air flow passes through either aperture. An animated outer chamber encapsulates the compressible inner chamber to transfer compressive forces to the body portion of compressible inner chamber.
