Abstract: The ice fishing hole cover and indicator generally includes a base having a pole engagement end which is adapted to hold a conventional ice fishing rod and reel. A cover end is positioned opposite to the pole engagement end which includes a catch. A trip latch is provided which is adapted for adjustable and releasable engagement to the catch. The trip latch is rotatably engaged to the cover indicator which, in turn, is pivotally engaged to the cover end of the base. A fishing line is engaged to the trip latch to release the indicator cover from the cover end for vertical positioning relative thereto upon the taking of the bait by a fish. The base and cover end are adapted to be placed over an ice fishing hole, preventing the freezing thereof during ice fishing activities. The indicator cover, upon release from the cover end, functions to advise a fisherman as to the existence of a fish on the fisherman's line.