The radiation characteristics of a high-luminance light-emitting diode (LED) light source were studied to evaluate its potential as an energy-saving light source for fishing lamps. The angle of the LED light source with 50% illuminance was $8-15^{circ}$, and it had strong directional characteristics. The wavelengths at which the radiance and irradiance were maxima were 709, 613, 473, 501, 525, and 465 nm for red, orange, blue, peacock blue, green, and white light, respectively. The underwater transmission characteristics of the LED light source were superior in the order blue, white, peacock blue, and green in optical water type I: blue, peacock blue, white, and green in optical water type II; and blue, peacock blue, green, and white in optical water type III. Setting the underwater transmission characteristics of the LED light source in optical water type I at 100%, the transmission of water types II and III decreased to 67 and 17%, respectively. Based on the underwater transmission characteristics calculated in optical water types I-III, the blue and peacock blue LED light sources can be used as an energy-saving light source for fishing lamps.