A retractable propeller apparatus of an air mobility vehicle has a structure enabling a propeller to be exposed or hidden depending on whether the air mobility vehicle is in a high-speed flight or a parking position. In particular, the retractable propeller apparatus includes: a base having a mount provided with a space; a propeller unit disposed on the mount and configured to generate a flow of air; a cover configured to close the space and be movable in the top-bottom direction with respect to the mount; and a lift unit disposed on the mount connected to the cover, and configured to move the cover. The cover selectively closes or opens the space based on an operation of the lift unit such that the propeller unit is operable.