A housing defines a sealed interior cavity to provide buoyancy for floating the housing in water. A battery housing secured to the buoyant housing supports a rechargeable battery and maintains the vertical alignment of the buoyant housing. An upper plate on the buoyant housing supports a plurality of upwardly directed lights and fountain nozzles together with a plurality of manually actuatible switches. An internal battery-powered pump mechanism is operative within the buoyant housing to draw water into the buoyant housing and force it upwardly through the fountain nozzles to produce vertically directed fountain sprays. The fountain sprays may be illuminated by the light assemblies supported by the upper plate. A remote control receiver and control circuit is supported within the buoyant housing and receives operative control signals from a handheld remote control unit. A rotation valve is operatively coupled to the pump output and provides an optional laterally directed water spray component tending to rotate the entire fountain unit. The water spray height of the fountain sprays may be adjusted by a bypass valve supported within the buoyant housing. In an alternate embodiment, a tether and anchor are securable to the unit to fix its position within a swimming pool. In a still further alternate embodiment, an annular spacer ring is securable to the buoyant housing by a collar and plurality of spokes.