A fishing reel includes an adjustable dynamic drag mechanism and a static drag mechanism connected to a brake mechanism. The static drag mechanism allows a user to select a predetermined amount of static drag whereas the manually adjustable dynamic drag mechanism allows the user to instantly add more drag. The fishing reel also allows a user to set a maximum total drag (i.e., the combination of the static and the maximum dynamic drag) such that the user cannot accidentally add too much dynamic drag that could result in the total drag exceeding the strength of the fishing line. The fishing reel preferably includes an adjustable leverage mechanism that allows the user to select the desired amount of mechanical advantage. In the preferred embodiment, the brake mechanism includes a ratchet plate, a yoke, and a friction ring disposed between the plate and the yoke.