<PAGE>
 
    As filed with the Securities and Exchange Commission on March 24, 1998


                                                    Registration No. ___________

================================================================================

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                             ____________________

                                   FORM S-8
                            REGISTRATION STATEMENT
                       Under The Securities Act of 1933

                             ____________________

                              COYOTE SPORTS, INC.
            (Exact name of registrant as specified in its charter)

                                    Nevada
        (State or other jurisdiction of incorporation or organization)

                                  88-0326730
                     (I.R.S. Employer Identification No.)

                             2291 Arapahoe Avenue
                               Boulder, CO 80302
                   (Address of principal executive offices)

                  COYOTE SPORTS, INC.  1997 STOCK OPTION PLAN
                           (Full Title of the Plan)


Mel Stonebraker, Chief Executive Officer      Copy to: Laurie P. Glasscock, Esq.
Coyote Sports, Inc.                              Chrisman, Bynum & Johnson, P.C.
2291 Arapahoe Avenue                             1900 Fifteenth Street
Boulder, CO 80302                                Boulder, CO 80302

                                (303) 417-0942
         (Telephone number, including area code, of agent for service)

                        CALCULATION OF REGISTRATION FEE

<TABLE>
<CAPTION>
                                                 Proposed             Proposed
Title of Securities                              Maximum              Maximum           Amount of  
     to be                Amount to be      offering price per   aggregate offering   Registration    
  registered               Registered           Share (1)            price (1)            Fee
---------------------------------------------------------------------------------------------------- 
<S>                    <C>                  <C>                  <C>                  <C>
Common Stock
($.001                 1,000,000 shares          $6.125              $6,125,000          $1,807.00
par value) to be
issued pursuant
to the Coyote
Sports, Inc.
1997 Stock
Option Plan
---------------------------------------------------------------------------------------------------- 
</TABLE>

(1)  Estimated solely for the purpose of calculating the registration fee, based
     upon the average of the high and low prices of Coyote Sports, Inc. Common
     Stock on March 18, 1998, as reported on the NASDAQ Small Cap Market System.
<PAGE>
 
                                    PART II
               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT


Item 3.  Incorporation of Documents by Reference
------------------------------------------------

     The following documents, which have been filed by Coyote Sports, Inc.  (the
"Company") with the Securities and Exchange Commission, are incorporated by
reference in this Registration Statement , as of their respective dates:

         (a)  The Company's Registration Statement No. 333-29077, filed on June
              12, 1997 and declared effective on September 18, 1997.

         (b)  The Company's Form 10-QSB filed for the quarter ended September
              30, 1997.

     All documents filed by the Company pursuant to Sections 13(a), 13(c), 14 or
15(d) of the Securities Exchange Act of 1934, as amended, subsequent to the date
hereof and prior to the filing of a post-effective amendment which indicates
that all securities offered hereby have been sold or which deregisters all
securities remaining unsold, shall be deemed to be incorporated by reference
herein and to be a part hereof from the respective dates of filing of such
documents.


Item 4.  Description of Securities
----------------------------------

     Not Applicable.


Item 5.  Interest of Named Experts and Counsel
----------------------------------------------

     Not Applicable.


Item 6.   Indemnification of Directors and Officers
---------------------------------------------------

     Section 78.751 of the Nevada Revised Statutes permits, among other things,
indemnification of persons made or threatened to be made a party to a proceeding
by reason of acts or omissions performed in their official capacity as an
officer, director, employee or agent of the corporation against judgments,
penalties and fines (including attorneys' fees) if such person acted in good
faith and in a manner which he reasonably believed to be in the best interests
of the corporation, and, with respect to any criminal action or proceeding, had
no reasonable cause to believe his conduct was unlawful.  In addition NRS
78.751(3) requires payment by the corporation of reasonable expenses, including
attorneys' fees, actually and reasonably incurred by him in connection with the
defense.  A decision as to required indemnification is made by the stockholders;
by a majority vote of a quorum consisting of directors who were not parties to
the act, suit or proceeding; or if such quorum of disinterested directors so
order, by independent legal counsel in a written opinion; or if a quorum of
disinterested directors cannot be obtained, by independent legal counsel in a
written opinion.  The Articles of Incorporation, as amended, provide that the
Company shall indemnify, to the fullest extent permitted by law, any person and
the estate and personal representative of any such person, against all liability
and expense (including attorneys' fees) incurred by reason of the fact that the
person is or was a director or officer of the Company or, while serving as a
director or officer, such person is or was serving as a director, officer,
partner, trustee, employee, fiduciary, or agent of, or in any similar managerial
or fiduciary position of, another domestic or foreign corporation or other
individual or entity or of an employee benefit plan.  This indemnification may
include indemnification for liabilities arising under the Securities Act of
1933.


Item 7.  Exemption from Registration Claimed
--------------------------------------------

     Not Applicable.

                                      II-2
<PAGE>
 
Item 8.   Exhibits
------------------

     4.    1997 Stock Option Plan of the Company (Incorporated by reference from
           Exhibit 10.10 to  Registration Statement No. 333-29077).

     5.    Opinion of Chrisman, Bynum & Johnson, P.C.

     23.1  Consent of KPMG Peat Marwick LLP

     23.2  Consent of Chrisman, Bynum & Johnson, P.C. (Included in No. 5 above)


Item 9.  Undertakings
---------------------

A.   Post-Effective Amendments
     -------------------------

     The undersigned issuer hereby undertakes:

     (1)  To file, during any period in which offers or sales are being made, a
          post-effective amendment to this registration statement.

          (i)    To include any prospectus required by Section 10(a)(3) of the
                 Securities Act of 1933.

          (ii)   To reflect in the prospectus any facts or events arising after
                 the effective date of the registration statement (or the most
                 recent post-effective amendment thereof) which, individually or
                 in the aggregate, represent a fundamental change in the
                 information set forth in the registration statement;

          (iii)  To include any material information with respect to the plan of
                 distribution not previously disclosed in the registration
                 statement or any material change to such information in the
                 registration statement.

provided, however, that subparagraphs (i) and (ii) above will not apply if the
information required to be included in a post-effective amendment by those
subparagraphs is contained in periodic reports filed by the issuer pursuant to
Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in the registration statement.

     (2)  That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona-
fide offering thereof.

     (3)  To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of the
offering.


B.  Subsequent Documents Incorporated by Reference
    ----------------------------------------------

     The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Securities Exchange Act of 1934 that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona-fide offering thereof.


C.  Claims for Indemnification
    --------------------------

     Insofar as indemnification for liabilities arising under the Securities Act
of 1933 may be permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable.  In the event that a claim for indemnification against
such 

                                      II-3
<PAGE>
 
liabilities (other than the payment by the registrant of expenses incurred or
paid by a director, officer or other controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of
such issue.

                                      II-4
<PAGE>
 
                                  SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, hereunto duly
authorized in the City of Boulder, State of Colorado, on the 10th day of March,
1998.


                                 COYOTE SPORTS, INC.



                                 By: /s/ Mel S. Stonebraker
                                     -------------------------------------------
                                     Mel S. Stonebraker, Chief Executive Officer


     Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities and on the dates indicated.


     Signatures                     Title                       Date
     ----------                     -----                       ----

/s/ Mel Stonebraker          Chief Executive Officer,      March 10, 1998
---------------------        Secretary and Director
Mel Stonebraker              


/s/ James M. Probst          President and Director        March 10, 1998
---------------------        and  Director
James M. Probst              


/s/ Jeffrey T. Kates         Director                      March 10, 1998
---------------------
Jeffrey T. Kates


/s/ Don A. Forte             Director                      March 10, 1998
---------------------
Don A. Forte


/s/ John P. McNeill          Chief Financial Officer       March 10, 1998
---------------------
John P. McNeill

                                      II-5
<PAGE>
 
INDEX TO EXHIBITS

Exhibit No.

5     Opinion of Chrisman, Bynum & Johnson, P.C.

23.1  Consent of KPMG Peat Marwick  LLP

23.2  Consent of Chrisman, Bynum & Johnson, P.C. (Included in Exhibit 5 above)

                                      II-6
[{"type": "S-8", "sequence": "1", "description": "FORM S-8", "secsgml_size_bytes": 12706}]
{"company-data": {"conformed-name": "COYOTE SPORTS INC", "cik": "0001040761", "assigned-sic": "3949", "irs-number": "880326730", "state-of-incorporation": "NV", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-48509", "film-number": "98571598"}, "business-address": {"street1": "2291 ARAPAHOE AVE", "city": "BOULDER", "state": "CO", "zip": "80302", "phone": "3034170942"}, "mail-address": {"street1": "2291 ARAPAHOE AVE", "city": "BOULDER", "state": "CO", "zip": "80302"}}
As filed with the Securities and Exchange Commission on March 24, 1998

                                                    Registration No. ___________

================================================================================

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                             ____________________

                                   FORM S-8
                            REGISTRATION STATEMENT
                       Under The Securities Act of 1933

                             ____________________

                              COYOTE SPORTS, INC.
            (Exact name of registrant as specified in its charter)

                                    Nevada
        (State or other jurisdiction of incorporation or organization)

                                  88-0326730
                     (I.R.S. Employer Identification No.)

                             2291 Arapahoe Avenue
                               Boulder, CO 80302
                   (Address of principal executive offices)

                  COYOTE SPORTS, INC.  1997 STOCK OPTION PLAN
                           (Full Title of the Plan)

Mel Stonebraker, Chief Executive Officer      Copy to: Laurie P. Glasscock, Esq.
Coyote Sports, Inc.                              Chrisman, Bynum & Johnson, P.C.
2291 Arapahoe Avenue                             1900 Fifteenth Street
Boulder, CO 80302                                Boulder, CO 80302

                                (303) 417-0942
         (Telephone number, including area code, of agent for service)

                        CALCULATION OF REGISTRATION FEE
Proposed             Proposed
Title of Securities                              Maximum              Maximum           Amount of  
     to be                Amount to be      offering price per   aggregate offering   Registration    
  registered               Registered           Share (1)            price (1)            Fee
----------------------------------------------------------------------------------------------------
Common Stock
($.001                 1,000,000 shares          $6.125              $6,125,000          $1,807.00
par value) to be
issued pursuant
to the Coyote
Sports, Inc.
1997 Stock
Option Plan
----------------------------------------------------------------------------------------------------
(1)  Estimated solely for the purpose of calculating the registration fee, based
     upon the average of the high and low prices of Coyote Sports, Inc. Common
     Stock on March 18, 1998, as reported on the NASDAQ Small Cap Market System.
PART II
               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3.  Incorporation of Documents by Reference
------------------------------------------------

     The following documents, which have been filed by Coyote Sports, Inc.  (the
"Company") with the Securities and Exchange Commission, are incorporated by
reference in this Registration Statement , as of their respective dates:

         (a)  The Company's Registration Statement No. 333-29077, filed on June
              12, 1997 and declared effective on September 18, 1997.

         (b)  The Company's Form 10-QSB filed for the quarter ended September
              30, 1997.

     All documents filed by the Company pursuant to Sections 13(a), 13(c), 14 or
15(d) of the Securities Exchange Act of 1934, as amended, subsequent to the date
hereof and prior to the filing of a post-effective amendment which indicates
that all securities offered hereby have been sold or which deregisters all
securities remaining unsold, shall be deemed to be incorporated by reference
herein and to be a part hereof from the respective dates of filing of such
documents.

Item 4.  Description of Securities
----------------------------------

     Not Applicable.

Item 5.  Interest of Named Experts and Counsel
----------------------------------------------

     Not Applicable.

Item 6.   Indemnification of Directors and Officers
---------------------------------------------------

     Section 78.751 of the Nevada Revised Statutes permits, among other things,
indemnification of persons made or threatened to be made a party to a proceeding
by reason of acts or omissions performed in their official capacity as an
officer, director, employee or agent of the corporation against judgments,
penalties and fines (including attorneys' fees) if such person acted in good
faith and in a manner which he reasonably believed to be in the best interests
of the corporation, and, with respect to any criminal action or proceeding, had
no reasonable cause to believe his conduct was unlawful.  In addition NRS
78.751(3) requires payment by the corporation of reasonable expenses, including
attorneys' fees, actually and reasonably incurred by him in connection with the
defense.  A decision as to required indemnification is made by the stockholders;
by a majority vote of a quorum consisting of directors who were not parties to
the act, suit or proceeding; or if such quorum of disinterested directors so
order, by independent legal counsel in a written opinion; or if a quorum of
disinterested directors cannot be obtained, by independent legal counsel in a
written opinion.  The Articles of Incorporation, as amended, provide that the
Company shall indemnify, to the fullest extent permitted by law, any person and
the estate and personal representative of any such person, against all liability
and expense (including attorneys' fees) incurred by reason of the fact that the
person is or was a director or officer of the Company or, while serving as a
director or officer, such person is or was serving as a director, officer,
partner, trustee, employee, fiduciary, or agent of, or in any similar managerial
or fiduciary position of, another domestic or foreign corporation or other
individual or entity or of an employee benefit plan.  This indemnification may
include indemnification for liabilities arising under the Securities Act of
1933.

Item 7.  Exemption from Registration Claimed
--------------------------------------------

     Not Applicable.

                                      II-2
Item 8.   Exhibits
------------------

     4.    1997 Stock Option Plan of the Company (Incorporated by reference from
           Exhibit 10.10 to  Registration Statement No. 333-29077).

     5.    Opinion of Chrisman, Bynum & Johnson, P.C.

     23.1  Consent of KPMG Peat Marwick LLP

     23.2  Consent of Chrisman, Bynum & Johnson, P.C. (Included in No. 5 above)

Item 9.  Undertakings
---------------------

A.   Post-Effective Amendments
     -------------------------

     The undersigned issuer hereby undertakes:

     (1)  To file, during any period in which offers or sales are being made, a
          post-effective amendment to this registration statement.

          (i)    To include any prospectus required by Section 10(a)(3) of the
                 Securities Act of 1933.

          (ii)   To reflect in the prospectus any facts or events arising after
                 the effective date of the registration statement (or the most
                 recent post-effective amendment thereof) which, individually or
                 in the aggregate, represent a fundamental change in the
                 information set forth in the registration statement;

          (iii)  To include any material information with respect to the plan of
                 distribution not previously disclosed in the registration
                 statement or any material change to such information in the
                 registration statement.

provided, however, that subparagraphs (i) and (ii) above will not apply if the
information required to be included in a post-effective amendment by those
subparagraphs is contained in periodic reports filed by the issuer pursuant to
Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in the registration statement.

     (2)  That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona-
fide offering thereof.

     (3)  To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of the
offering.

B.  Subsequent Documents Incorporated by Reference
    ----------------------------------------------

     The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Securities Exchange Act of 1934 that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona-fide offering thereof.

C.  Claims for Indemnification
    --------------------------

     Insofar as indemnification for liabilities arising under the Securities Act
of 1933 may be permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable.  In the event that a claim for indemnification against
such 

                                      II-3
liabilities (other than the payment by the registrant of expenses incurred or
paid by a director, officer or other controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of
such issue.

                                      II-4
SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, hereunto duly
authorized in the City of Boulder, State of Colorado, on the 10th day of March,
1998.

                                 COYOTE SPORTS, INC.

                                 By: /s/ Mel S. Stonebraker
                                     -------------------------------------------
                                     Mel S. Stonebraker, Chief Executive Officer

     Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities and on the dates indicated.

     Signatures                     Title                       Date
     ----------                     -----                       ----

/s/ Mel Stonebraker          Chief Executive Officer,      March 10, 1998
---------------------        Secretary and Director
Mel Stonebraker              

/s/ James M. Probst          President and Director        March 10, 1998
---------------------        and  Director
James M. Probst              

/s/ Jeffrey T. Kates         Director                      March 10, 1998
---------------------
Jeffrey T. Kates

/s/ Don A. Forte             Director                      March 10, 1998
---------------------
Don A. Forte

/s/ John P. McNeill          Chief Financial Officer       March 10, 1998
---------------------
John P. McNeill

                                      II-5
INDEX TO EXHIBITS

Exhibit No.

5     Opinion of Chrisman, Bynum & Johnson, P.C.

23.1  Consent of KPMG Peat Marwick  LLP

23.2  Consent of Chrisman, Bynum & Johnson, P.C. (Included in Exhibit 5 above)

                                      II-6