Toy started as a duo of You Hee-yeol and Yoon Jeong-oh, and was named after their two initials 'Y', as in Two + Y = Toy.
However, after releasing Toy's debut album, Yoon Jeong-oh left the band to study overseas and You Hee-yeol joined the navy for his mandatory military service. You Hee-yeol has been the sole member of Toy since 1996.[2]
After his discharge from military service, You released Toy's second studio album Yooheeyeol. The title song "Remember I Was Next to You" (Korean: 내가 너의 곁에 잠시 살았다는 걸; RR: Naega Neoui Gyeote Jamshi Sarattaneun Geol), sung by Kim Yeon-woo, became a big hit and the album was a commercial success.[2]
In 1997, Toy released the third studio album Present and also started a record label named Toy Music (currently Antenna). After a six-year hiatus from Fermata (2001), the band released their sixth studio album Thank You,[3] with the title song "A Passionate Goodbye" (Korean: 뜨거운 안녕; RR: Tteugeoun Annyeong) featuring vocals by E Z Hyoung.