The alarm was raised at about midnight on Thursday when the men became stranded after their boat lost engine power.
Three lifeboats and a rescue helicopter went to the scene. It has been described as a "major recue operation".
Mark Barnett from the Lough Swilly lifeboat described it as a community effort.
"The fishermen had gone out in their boat around Malin pier and then decided to head a little east," he said.
"The fishermen are fine but had a lucky escape.
"They had been out for half an hour when the engine broke down and they started to drift.
"They had no mobile phone signal to raise the alarm."
Three fishermen have been rescued off the coast of Malin Head in County Donegal.