[1] The company was founded in 1946 and operated as an independent manufacturer of popular steel toy construction type trucks and machinery, until its sale to Hasbro in 1991.

[7] After some modifications to the design by Alvin Tesch and the addition of a new logo created by Erling Eklof, the company began selling metal toys, which soon became the primary business.

The logo was based on a University of Minnesota drafting student's sketch by Donald B. Olson, who later became the company's Chief Industrial Engineer.

[9] From 1947 to 1957, their logo was an oval, showing the Tonka Toys name in red above blue ocean waves with seagulls overhead, honoring nearby Lake Minnetonka.

[11] In 1987, Tonka purchased Kenner Parker,[12] including UK toy giant Palitoy, for $555 million,[13] borrowing extensively to fund the acquisition.

[15] This agreement ended on July 4, 2019, with the license being transferred to Basic Fun!,[16] which produces other brands such as Care Bears, My Little Pony, and Lincoln Logs.

[20] Tonka has produced a variety of toys, including dolls (Star Fairies, Bathing Beauties, Maple Town, and Hollywoods).

It was the original manufacturer of the Pound Puppies[6] toy line, and in the late 1980s licensed products inspired by Maple Town.