Abstract: A multi-purpose fly fishing implement or device is disclosed for the preparation of artificial flies and leaders to which artificial flies are attached. The device is formed as a cylindrical container about the size of a fountain pen and is adapted to be carried in the pocket of a garment worn by a fisherman. The device has several interconnected, separable segments which perform different functions. One segment contains a fly-treatment fluid and an applicator to apply a thin coating of such fluid onto an artificial fly to treat the same. A second segment serves to both straighten and to remove the shine from a leader. A third segment incorporates a holding clip which holds the device in a garment pocket when the segments are connected together and which further carries a leader cutting means. A method of conditioning artificial flies and leaders using such device is also described.