A golf ball is provided having a controlled variable moment of inertia. The golf ball includes a core defining at least one hollow channel. At least one movable weight is located within each hollow channel. The end of the hollow channel at the outer edge of the core is enclosed with a plug. The movable weight and plug may each further include a magnet or the hollow channel may include a placement member such as a spring to control the movement of the weight. When the present golf ball is struck, the spin rate forces the weights to move from the interior of the core outwardly towards the outer edge of the core, thereby varying the moment of inertia of the golf ball. A method of manufacturing the present golf ball is also provided. The golf ball also significantly reduces hooks and slices due to the gyroscopic effect of the moving weight(s) to the outer edge of the core.