The device for releasing fishing line used with downrigger includes a body with a front face angled to a bottom face. A downrigger aperture is orientated parallel to front face. A chamber is configured for slidable movement of an adjustable magnetic engaging member. A magnetic body is within the chamber for magnetically engaging with the adjustable magnetic engaging member. A fishing line retaining mechanism is on the body, for releasably holding a fishing line release member, which is releasably held to the fishing line retaining mechanism at one end, and pivotally connected to the magnetic engaging member at the other end, so that the fishing line retaining mechanism releases a fishing line when a force, such as a fish strike, is sufficient to overcome the magnetic attraction between the magnetic body and the magnetic engaging member.