Gibbs Sports Amphibians, which is based Nuneaton, Warwickshire, says it takes just five seconds for the motorbike to turn into a jet ski.
Writing on its website, the company said: 'The Biski is truly unique as a single seat (or single plus pillion), twin jet, HSA Motorcycle, it is a world's first in many ways.
A video posted by the company shows the bike first been driven along a winding road much like a normal scooter before it then reaches the edge of a river. It is driven straight into the water and within seconds is shooting off at high speed along the water.
Gibbs claims the bike is capable of reaching up to 87 miles an hour on the road yet is highly stable when in the water.
The machine weighs 500lbs and has a 55hp twin cylinder petrol engine that is capable of speeds of 80mph on the roads. It even comes with lights suitable for both road and marine navigation.
It is the latest in a series of amphibian vehicles to have been developed by Gibbs, which include an amphibious quadbike, an amphibious car and an amphibious truck.
The technology uses a single engine to provide power both in the water and on land. A patented suspension system allows the wheels to be lifted clear of the water.
The company said: 'Without the drag of the wheels the amphibians can reach higher water speeds as a planing vessel.
'The retraction process takes just five seconds at the touch of a single switch, allowing a seamless and simplistic transition between land and water modes.'
The company has built a prototype of the Biski and is currently looking to sell its intellectual property rights to a manufacturer to begin producing the machines to sell to the public.