Abstract: A magnetic drain plug comprises a resilient plastic plug member and a permanent magnet disposed therein. The plug member has a threaded upper section, a medial flange, and a lower head section with engagement surfaces for a hand tool such as a wrench. An axial bore formed through the plug member defines a tapered upper channel, a medial chamber, and a lower aperture therein. The chamber has a section larger than that of the adjoining channel or aperture. The magnet is forcibly inserted through the upper channel, which is in communication with the interior of a lubricating housing when the plug is mounted therein, so as to snap fit into the conformingly shaped chamber. The lower aperture brings the magnet into communication with ambient air to assist cooling.