The startling footage was a former top-secret US military film shot during the Cold War.
The UFO-style craft is seen hovering just above the ground in the remarkable clip.
Yet, alien hunters seeking proof of intelligent life visiting Earth in UFOs will be left disappointed.
The craft was actually built during a top-secret US military project called the Avrocar.
Scientists masterminded the craft during the Cold War – believing it would be the next great military flying machine.
Powered by a huge central fan, the flying disc was believed to be an alternative to a helicopter.
The newly released video shows the secret craft being flown at a base during test flights.
Designers had hoped the craft would reach speeds of around 300 mph, with a maximum altitude of 10,000 feet and a range of 995 miles.
The testing of such experimental craft is believed to be responsible for the huge boom in flying saucer and UFO sightings across the US in the 1940s and 1950s.
The US ploughed £80million developing the Avrocar, but cash for the flying saucer eventually dried up in June 1961, and the doomed project was ditched.
Designs for the Avrocar were shelved after it was found to only be able to hover around one foot off the ground.
When it travelled at high speeds, it became extremely unstable and it was far too loud to be a combat vehicle.
The US were not the first to look at flying disk technology, with the Nazis experimenting with it during WWII.
Conspiracy theories about the Nazis and secret UFO bases in the Antarctic and South America are often linked to the “flying wing” the Horten Ho 229.
One crazy claim is that the Germans even reached the moon before Neil Armstrong.
It comes after footage also emerged which claimed that the Russians also beat the US to a manned moon landing.