Lipid as well as fatty acid is important substrate fueling normal metabolism and development of marine fish larvae. The changes in lipid characteristics and fatty acid contents of developing yolk sac larvae of Epinephelus awoara and Trachinotus ovatus were investigated in this study. The newly hatched larvae and 1 d, 2 d, 3 d post hatching larvae of E. awoara and T. ovatus were sampled and their lipid contents and fatty acid profiles were assayed quantitatively. The results indicated that there were different lipid compositions between the two larvae. The neutral lipid/polar lipid ratio in E. awoara was between 0.97 and 1.22 during the development of yolk sac larva. While in T. ovatus it was between 1.88 and 3.21. The total lipid contents of the two larvae both decreased with the development due to large consumption of neutral lipid. The dominating fatty acids in neutral lipid of E. awoara yolk sac larva were 18∶1n-9, 16∶0, DHA, 16∶1 and 18∶0. While DHA, 16∶0, 18∶0 and 18∶1n-9 were the dominating in polar lipid. However, the dominating fatty acids in neutral lipid of T. ovatus larvae were 18∶1n-9, 182n-6, DHA, 16∶4n-3 and 16∶0, and in polar lipid were DHA, 16∶0, 18∶1n-9 and 18∶2n-6. Significant decreasing of main fatty acids in neutral lipid appeared at 1 day post hatching in T. ovatus larva and at 2 days post hatching in E. awoara larva respectively. But the contents of main fatty acids in polar lipid increased significantly at 1 day post hatching in both larvae. It is therefore suggested that despite the significant differences in lipid and fatty acid profiles, the lipid consumption law was similar during the development of yolk sac larvae of E. awoara and T. ovatus.