A downrigger weight assembly includes a casing having forward and rearward compartments and a middle compartment threadably and sealably attached at opposite ends to the forward and rearward compartments so as to tandemly arrange the respective compartments. The forward and rearward compartments have reversely tapered configurations and define respective front and rear hollow cavities. The middle compartment has a cylindrical configuration and defines a hollow central cavity. A cartridge for holding fish bait or attractant material is disposed in the front hollow cavity of the forward compartment. A weighted body is disposed in rear hollow cavity of the rearward compartment for providing ballast. A downrigger line release device includes a clamp mounted to a fishing line, a coupler mounted to a downrigger line, and a swivel connector pivotally interconnecting the clamp and coupler to one another. The coupler includes a flexible retainer element convertable from a rolled-up condition in which it slidably receives the downrigger line to an unrolled condition in which it releases therefrom in response to a predetermined force being applied to the retainer element so as to permit uncoupling of the fishing line from the downrigger line.
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