A power generating fishing reel and remote control lure system includes a reel assembly coupled to a fishing rod having a spool rotatably movable to reel in/out fishing line. The reel assembly includes an electrical generator configured to generate current. A crank handle is operatively coupled to the spool and to the generator and configured to actuate the spool and generator, respectively. A rechargeable battery is electrically connected to the generator and configured to store current generated by the generator. The system includes a lure assembly remote from the reel assembly having a battery, a motor and a receiver configured to receive a signal and to energize the motor accordingly. The reel assembly includes a lure input device and transmitter configured to transfer a user input signal to the lure assembly. The system includes an emergency assembly having lights, sensors, and alarms related to safety, current generation, and recharging.