The ice fishing alarm is constructed of a tripod that is placed over top of an ice fishing hole, and which positions a fishing spool there above. The fishing spool includes a knob for manually spooling fishing line. The fishing spool includes a magnet on an opposing side of the fishing spool with respect to the knob. The magnet is aligned adjacent to a spring-loaded alarm, and upon pulling of the fishing line, shall release the spring-loaded alarm. The spring-loaded alarm is in wired connection with an alarm member comprising of a speaker and/or light, which are turned on upon release of the spring-loaded alarm.
