A fishing reel according to the invention has a magnetic braking device which includes an electrically conductive body supported so as to move in an axial direction with respect to a spool shaft, on one side of a spool, a magnet which is provided on a reel body and arranged so as to be opposed to the electrically conductive body in a radial direction, and centrifugal collars which move in the radial direction along with rotation of the spool, and allow the electrically conductive body to enter into and retreat from a magnetic field of the magnet, by an engaging action with the spool thereby to increase and decrease a magnetic braking force to be exerted on the spool. The fishing reel is characterized by further including an axial movement holding mechanism for holding the magnet so as to move in the axial direction.