An adjustable depth fishing lure has a lure body with forward and tail sections. A diving lip is pivotably attached to the forward section of the body by dual arm members. The diving lip is configured to be adjustably positioned at a plurality of angles in relation to the lure body by a control element located within the forward section. The control element has a plurality of slots into which the diving lip can be set. A push tab extends from the element. A spring is positioned between a front wall of the forward section and the control element. The spring applies a compressive force against the control element, which biases the element against the diving lip to maintain it in one of the plurality of slots. When the control element's tab is pushed, the element travels inward into the forward section, which releases the pressure on the diving lip, allowing it to be repositioned into another of the slots. Through-openings within the lure body allow for free and independent movement of fishing line through the lure. The forward and tail sections can be separate, independent elements which are pivotably connected to oscillate as the lure is drawn through the water, to further attract fish.