A dual speed fishing reel having a housing with a spool on a spool shaft, a driven gear on the spool shaft and having a low speed pinion and a high speed pinion, a drive shaft, a low speed drive gear for engaging the low speed pinion and a high speed drive gear for engaging the high speed pinion, with the drive gears carried on the drive shaft, with one of the drive gears fixed to the drive shaft for rotation by the drive shaft and with the other of the drive gears riding on the drive shaft independent of rotation of the drive shaft, with the high speed drive gear engageable with the low speed drive gear, and a gear shift for moving the low speed drive gear into and out of engagement with the high speed drive gear. Also first and second braking surfaces on opposite ends of the spool, first and second brake pads for engaging the first and second braking surfaces, respectively, with the first brake pad mounted on the spool shaft for axial translation with the spool shaft, with the second brake pad mounted on the spool shaft with the spool shaft axially moveable relative to the second brake pad, and with the spool shaft translating to bring the first brake pad into braking engagement with the first braking surface and to bring the second braking surface into braking engagement with the second brake pad. In one embodiment the spool shaft rotates and in a second embodiment the spool shaft does not rotate.