This paper presents the morphological characteristics of the egg,embryonic and larval development of pond smelt, Hypomesus olidus (Pallas). Thematerials were obtained from artificial fertilizations, which were carried out inspring of 1985-1986 in Shui Feng And Tu Men reservoirs. The mature egg of the pond smelt is spherical in shape, after fertilized andwater absorbed, the outmost membrance of the egg breaks down and forms a para-chute like sticky bundle around the margin of micropyle. The eggs are stronglysticky, the fertilized eggs attach to the sands and rocks as well as other materials inthe water. The diameter of swollen eggs is 0.86-0.95mm, avaraging 0.87mm. Theembryo hatched out for 331-343 hours after fertilization at the water temperatureranging 7.8-19.5℃. The accumulated temperature about 4000 hours-degree wereneeded in the process of embryonic development. The body of newly hatched larvae isavarage 4.3mm in total length with 54-61 pairs of myotomes. Six days afterhatching, the yolk sac almost absorbed and the larvae started to eat. The embryo of pond smelt possessed a great ability in adapting to various ecologi-cal conditions. It can normally develop and hatch through strong flucatuation orwater temperature within a short time (Raising or lowing 5-7℃ in some 40 minutes)and it can tolerate dryness out of water in a long time (through 17 hours at air tem-perature 4-15℃). The unfertilized egg can develop to blastoderm, but it begins abnormal cell-divi-sion afterwards and dies.