The present invention is directed to a magnetic slip bobber used for connecting and disconnecting a slip bobber to a location on a fishing line. The magnetic slip bobber of the present invention includes a slip bobber selectively connected to a fishing line, where the fishing line extends through the slip bobber. The invention also includes a magnet connected to the slip bobber. An aperture is formed as part of the magnet, and the fishing line is operable for extending through the aperture formed as part of the magnet. A line-stop is mounted to the fishing line operable for being selectively connected to the magnet such that when the fishing line is cast into a body of water, the slip bobber moves along the fishing line until the line-stop contacts the magnet, thereby maintaining a predetermined depth of a hook attached to the fishing line.
