Small multi-rotor UAVs face endurance limitations during long-range missions due to high rotor energy consumption and limited battery capacity. This paper proposes a folding-wing range extender integrating a sliding-rotating two-degree-of-freedom folding wing—which, when deployed, quadruples the fuselage length yet folds within its profile—and a tail-thrust propeller. The device can be rapidly installed on host small multi-rotor UAVs. During cruise, it utilizes wing unloading and incoming horizontal airflow to reduce rotor power consumption, significantly extending range while minimally impacting portability, operational convenience, and maneuverability. To evaluate its performance, a 1-kg-class quadrotor test platform and matching folding-wing extender were developed. An energy consumption model was established using Blade Element Momentum Theory, followed by simulation analysis of three flight conditions. Results show that after installation, the required rotor power decreases substantially with increasing speed, while total system power growth slows noticeably. Although the added weight and drag increase low-speed power consumption, net range extension emerges near 15 m/s and intensifies with speed. Subsequent parametric sensitivity analysis and mission profile analysis indicate that weight reduction and aerodynamic optimization can effectively enhance the device’s performance. Furthermore, computational fluid dynamics (CFD) analysis confirms the effectiveness of the dihedral wing design in mitigating mutual interference between the rotor and the wing. Flight tests covering five conditions validated the extender’s effectiveness, demonstrating at 20 m/s cruise: 20% reduction in total power, 25% improvement in endurance/range, 34% lower specific power, and 52% higher equivalent lift-to-drag ratio compared to the baseline UAV.