A foldable bicycle has a frame, a front fork, a front wheel, a stem, a handlebar, a handlebar positioning device, a seat post, a seat, a rear fork, a rear wheel, a drive assembly, a shock absorber and a rear fork positioning device. The handlebar positioning device is mounted between the front fork and the stem so the stem can be folded toward the frame. The rear fork positioning device is mounted between the shock absorber and the rear fork so the rear fork can be folded toward the frame. Accordingly, the bicycle can be folded to reduce the space for storing or transporting the bicycle, and the structure of a foldable bicycle with a shock absorber is simplified.