In a fishing reel, in addition to an externally adjustable brake system, an automatic spool brake system adjusts spool braking action dependent upon spool rotation speed to provide brake control for preventing backlash and to achieve better casting distance by reducing spool braking force at low spool rotation speeds. A brake assembly has a plurality of brake shoes and speed adjust shoes and is slidably mounted on a spool shaft. An adjustable brake ring selectively engages the brake shoes to provide a braking action to the spool. A spring is provided for biasing the brake assembly away from the brake. Centrifugal force causes the speed adjust shoes to migrate outwardly in contact with a conical surface. The shoes impart an axial force to the brake assembly for moving the assembly towards the brake ring. At lower speeds, the spring pushes the brake assembly away from the brake ring.