Fishing is an activity that can be performed in lakes that have yellow and white glowing orbs floating in a circle above them. There are two locations in Ekbatan to fish, and some levels of the dungeons can have lakes in them where the player can fish. The lower the dungeon that the player fishes in, the higher chance they have of finding better fish or finding artifacts. Fishing requires a fishing rod in the player's inventory, which costs 200 gold. It is recommended to buy a fishing rod at the beginning of the game to generate a small amount of income through selling whatever is fished up.
Fish that are caught have the ability to transform the player's pet into another creature, which will be stronger than the pet's original state. The statistics of a fish's effect versus the pet's current stats are displayed when the player's mouse rolls over the fish in an inventory, displaying the strength, dexterity, vitality, magic, and armor of its transformation. A fish's effect duration matters based on its quality: fingerling (120 seconds), small (300 seconds), lunker (600 seconds), and flawless (permanently).
All levels of gear can be found while fishing, but fishing is a great practice to gather artifacts, especially in very deep dungeon levels. Artifacts, or yellow-quality gems, weapons, and other equipment, can be caught while fishing. The equipment will not be identified when it is first picked up by the player; often times, the equipment will require a high identification level, which if the player doesn't have enough charm magic to do so, or doesn't have the identify spell, can either use an identify book on the item or talk to Shaz the Identifier.
- Feeding a pet a timed fish while it has previously eaten a flawless fish will cause the pet to transform back into its original state after the time expires, NOT into the creature the flawless fish transformed it into.
- Dogfish are the only fish without visible stat changes; the fish reset the pet back to its original state, no matter what fish it has eaten.
- In the preceding games Fate and Fate: The Traitor Soul, the fishing message displayed when something was caught was "Wow! You caught a fish with a ___ in it!", which implies the fish that were caught were inside of another fish. Since then, the message has been updated to a more appropriate "Wow! You've fished up a ___!"
- If a player opens two inventory or statistic screens (player inventory and pet inventory, player stats and skills, etc.) while fishing, the fishing activity will terminate. The player's character will still show its animation of it hoisting up the line, grabbing the end and shaking its head, but can move during the animation to stop it.