The present invention is a variable light fishing lure comprised of a plastic housing with an internal cavity for holding a submergible lighted element and an angled aperture for inserting the lighted element into the cavity. A plug is inserted into the angled aperture to prevent the lighted element from falling out of the housing. Water can be added to plastic housing before inserting the plug to adjust the buoyancy of the fishing lure. The outside of the plastic housing contains a striated pattern which allows light from the lighted element to shine through the housing. The lighted element can be easily removed from the housing and replaced with the same or another color lighted element.