This study describes the development of a bio-mimetic flapping wing and the aerodynamic characteristics of a flexible flapping wing. First, the flapping wing is designed to produce flapping, twisting, and camber motions by using a bio-mimetic design approach. A structural model for a macro-fiber composite (MFC) actuator is established, and structural analysis of a smart flapping wing with the actuator is performed to determine the wing configuration for maximum camber motion. The analysis model is verified with the experimental data of the smart flapping wing. Second, aerodynamic tests are performed for the smart flapping wing in a subsonic wind tunnel, and the aerodynamic forces are measured for various test conditions. Additionally, the effects of camber and chordwise wing flexibility on unsteady and quasi-steady aerodynamic characteristics are discussed. The experimental results demonstrate that the effect of the camber generated by the MFC produces sufficient aerodynamic benefit. It is further found that chordwise wing flexibility is an important parameter in terms of affecting aerodynamic performance, and that lift produced in a quasi-steady flow condition is mostly affected by the forward speed and effective angle of attack.