Birrell Stewart was declared dead after being recovered from the water a mile off the Fife coast on Monday.
Two other men, Jason Buchan and David Stead are still missing.
Mr Stewart's family said they were "devastated" by the death of the "loving son, brother and dad".
They added: "Our thoughts are with the family and friends of Jason Buchan and David Stead who are still missing.
"We would also like to thank all the emergency services who worked so hard to try and save his life."
The three amateur fishermen, who were all from East Wemyss, were fishing for mackerel.
David Stead is understood to have moved to the area from Hartlepool.
They were reported missing in worsening weather conditions, and the coastguard launched a search operation.
The 10ft boat was found before Mr Stewart was located. He was airlifted to Ninewells Hospital in Dundee, where he was declared dead.
Local councillor Tom Adams, who knows the men, said they were good friends who made regular trips out on the boat fishing for mackerel.
He said the tragedy was ''devastating for the whole coast''.
Relatives of a 30-year-old man who died when a small fishing boat overturned in the Firth of Forth have paid tribute to him.