Carbohydrate is commonly used in aquatic organism as the cheapest energy source. However, most aquatic animals are low efficient in utilizing dietary carbohydrate for energy provision. Therefore, improving the utilization efficiency of high carbohydrate by aquatic organisms is important for sustainable aquaculture development. Alpha-lipoic acid (α-LA) is a cofactor of key enzymes involved in glucose metabolism. However, its role in regulation of carbohydrate metabolism in aquatic animals is currently unknown. This study investigated the effects of α-LA on growth, antioxidant status, hepatopancreas morphology, and carbohydrate metabolism of freshwater prawns Macrobrachium nipponense under two dietary carbohydrate levels. Six diets were formulated using casein and fish meal as the protein sources, fish oil and soybean oil as the lipid sources, and corn starch as the carbohydrate source, at two carbohydrate levels (15% and 30%) and three concentrations of α-LA supplementation (0, 700, and 1400 mg/kg). Each experimental diet was fed to juvenile prawns (mean weight 0.050 ± 0.003 g), twice daily to apparent satiation, in five replicates. In the 15% (low)-carbohydrate groups, weight gain was significantly reduced in prawns fed 1400 mg/kg α-LA compared with 0 or 700 mg/kg α-LA, but there was no significant effect in the 30% (high)-carbohydrate groups. Survival was significantly higher among prawns fed 700 mg/kg α-LA compared with 0 or 1400 mg/kg α-LA regardless of the carbohydrate level. The levels of dietary carbohydrate and α-LA also significantly affected the activities of key enzymes involved in glycolysis and the citric acid cycle. The activities of hexokinase and pyruvate kinase activities were highest in prawns fed l400 mg/kg α-LA, in both the low- and high-carbohydrate groups. Supplementation with 700 or 1400 mg/kg α-LA significantly increased the activities of 6-phosphofructokinase, pyruvate dehydrogenase, and succinate dehydrogenase regardless of the carbohydrate level. The level of malondialdehyde decreased significantly with increased α-LA supplementation; in contrast, the levels of superoxide dismutase, glutathione peroxidase, and glutathione were significantly higher in prawns fed 700 or 1400 mg/kg α-LA when compare with those fed no α-LA supplement. Dietary α-LA did not affect the overall morphology of the hepatopancreas, but 1400 mg/kg α-LA reduced the number of B (blister-like) cells. Thus, 700 mg/kg α-LA supplementation under either dietary carbohydrate level could improve the antioxidant status, carbohydrate metabolism, and morphology of the hepatopancreas in juveniles of M. nipponense. We conclude that α-LA supplementation can be used to improve the efficiency of carbohydrate utilization when a 30% carbohydrate diet is used for this prawn.