Abstract: A downrigger assembly comprises a weight downline and line release mechanism which releasably secures a fishing line to the downline, the line release mechanism having a groove at one end opposite to the end connected to the downline which is oriented in a direction parallel to the downline, and a guide member is pivotally mounted for movement between a position in which it cooperates with the groove in retaining the fishing line therein and a position out of the path of the fishing line when sufficient force is applied to the guide member by the fishing line. The line release mechanism is attached to the downline so that it can be released and retrieved independently of the downline, and the downline itself includes a weighted member at its lower end having a releasable clamp to secure the downline to the weight so that the weight will normally travel in a horizontal direction but in the event of becoming lodged can be tipped so as to assist in its retrieval.