The invention is a fishing reel handle drag system and a fishing reel having a handle drag system which comprises a reel housing, a shaft extending through the housing, a reel spool is mounted on the spindle and has at least one spool face, the spool is rotatable in first and second opposite directions, a crank or handle member is provided for rotating the spool in a first direction, an anti-reversing device is provided to prevent the crank from rotating with the spool when moving in the second direction, the crank is secured to one end of the shaft adjacent the spool face, the crank is adapted to lever axially toward and away from the spool face, a wave washer is provided on the shaft between the crank member and the spool face whereby when the spool is rotated in the second direction and the crank member is levered toward the spool face the wave washer is caused to be compressed against the spool face to thereby generate drag against the rotating spool.
