Abstract: A fishing weight comprising a bullet shaped lead body portion having an axial bore therethrough, an enlarged recess formed in one end of the body portion, a flexible, rubbery material substantially filling the recess, a cavity formed in the rubbery material in the recess, the cavity opening into the axial bore and having another opening extending outwardly opposite the axial bore for receiving the eye of a fishhook, the other opening being of a smaller size than the cavity and releasably retaining the fishhook eye therein until a force is exerted upon the fishhook for withdrawing the fishhook therefrom; a fishing lure includig the improved weight; and a method for releasably affixing a fishing weight to the eye of the fishhook.