Photographs, taken by Matthew Dale from Fern Photography, show around 100 people gathered in the area watching the rescue.
The video above shows the moment the rescue team successfully grabbed the dog, and a resounding cheer goes up from onlookers.
The Scottish Fire and Rescue Service confirm that they were called to Shore Place at 13.31 after receiving reports that a dog had fallen onto the frozen water.
Two appliances and two water rescue teams were dispatched to assist, and dog was returned to the owner, safe and sound.
Edinburgh has seen the coldest temperatures in decades as the Met Office issued a yellow weather warning of snow and ice for the whole week.
The warning will continue on to Saturday, although temperatures are set to rise next week.