An underwater diving light has a rotatable front filter ring for selecting light filtration as needed for underwater still or video photography conditions. The filter ring is removable and interchangeable with different rings. Another important feature is efficient cooling of the LEDs and other internal electronics of the diving light assembly. The water is in contact with a metallic front face that conducts heat directly away from a metal core circuit board carrying the LED array or arrays. In one form of the diving light water channels are provided so that the ambient water can enter the assembly to spaces behind the LCD circuit board to efficiently cool the LEDs and associated electronics. The front plate assembly can be removable, for rinsing the internal cooling cavities, for interchange with different front face assemblies, and for air travel when the LCDs must be removed from driving electronics for safety concerns.