Abstract: The ice fishing tip-up comprises a base member and a strut pivoted to the base member. The strut carries a rotatable shaft having the fish line spool fixed axially on the lower end thereof beneath the base member. A latch lever projects radially from the upper end of the shaft above the base member and is frictionally engageable in the fishing mode with a signal mast flexibly mounted on the base. The spool along with the shaft and latch lever is rotatable as when a fish strikes to release the signal mast which is biased to an upright position to indicate the strike. The latch lever is made of a flexible material such as light weight metal which will readily bend in response to finger manipulation to any desired bent posture so that the frictional hold of the latch lever on the signal mast can be varied to suit different types and sizes of live bait such as minnows secured to the fish hook at the lower end of the line.