The scene was near Chicago's 31st Street Beach. Coast Guard personnel attached flotation devices to the boat and then inflated them, raising the boat above the water.
The U.S. Coast Guard said the boat sank on Sunday during heavy fog and rain when the boat's pumps could not keep up with the water.
Crews raise underwater boat in Lake Michigan
There were four people aboard the boat at the time, and they were picked up by a good Samaritan, the Coast Guard said. No injuries were reported.