A dual-bearing reel drag regulation mechanism includes a drag regulation lever including an attachment potion configured to pivot about a rotation axis of the spool between a free position and a maximum position, an operating portion extending from the attachment portion to a tip of the drag regulation lever, and an intermediate positioning mechanism including a positioning member. The positioning member is retractably attached to the lateral surface of the reel unit at an intermediate position between the free position and the maximum position. The positioning member is arranged to be in a protruding state or a retracting state. The intermediate positioning mechanism is configured to cause the positioning member to make contact at the intermediate position with a contact portion of the operating portion in pivoting the drag regulation lever, when the positioning member is in the protruding state.