This study was carried out to clarify the egg, larvae and juveniles development of Misgurnus anguillicaudatus, and relationships of M. anguillicaudatus and M. mizolepis, Cobitididae Fishes. The adult fishes were collected in Samsancheon, Haenam-gun, Jeollanam-do, Korea and their spawning inducement was carried by ovaprim injections. The egg shape was circular and the size was average 1.12 mm. The eggs were hatched at 61 to 72 h after fertilization. The newly hatched larvae had an average 3.23 mm in total length (TL). At 5 days after hatching, the larvae reached to post larval stage and they were 10.3 mm in TL. At 19 days after hatching, it reached to juvenile stage and was 25.3 mm in TL. The egg size of M. anguillicaudatus was almost same as M. mizolepis but the hatching period of M. anguillicaudatus has taken longer. It was possible for interspecific distinguishability of M. anguillicaudatus and M. mizolepis when their larvae reached to juvenile stage by the development of keel-like ridges.