A variable depth fishing lure preferably includes a hollow body, an adjustable bill, a spring pin device and at least one treble hook. The hollow body includes a first body half and a second body half. The adjustable bill includes an indexing portion and a bill portion. Indexing slots are formed in a front and inside surface of the first and second body halves to receive the indexing portion. The spring pin device preferably includes a first eyelet pin, a second eyelet pin, a compression spring and two bored contact balls. One end of the spring pin device is engaged with the adjustable bill and an opposing end thereof is engaged with at least one of the first and second body halves. A position of the adjustable bill is changed by pulling thereof away from the hollow body; tilting it either up or down and then releasing.