A fishing float includes a magnetic lock mechanism within the float to allow for the adjustment of a fishing line through the float to adjust the length of the fishing line through the float to select the appropriate depth of the bait or lure below the fishing float without having to reel in the bait and adjust the depth from the shore. The float, once engaged by a quick tug on the fishing line, is locked into place by a rocking magnetic lock member engaging a serrated transverse locking pin across a longitudinal line channel, capturing fishing line placed between the magnetic lock member and the locking pin, the lock member and the locking being magnetically attracted to each other. The magnetic lock member is disengaged by a quick tug on the fishing line causing a pivotal trigger to release the magnetic lock member from the locking pin allowing the fishing line to move freely through the line channel.