Summary Inducible defences reduce the probability of prey being killed by their predators. However, these defences are often accompanied by costs. Most studies associated with aquatic communities have focused on the effects of inducible defences on the growth and reproduction of prey species, while their effects on sex investment remain unclear. Brachionus calyciflorus is a common freshwater rotifer that develops a defensive morphology in response to the kairomones released by the predatory rotifer Asplanchna. Some studies have reported that no detectable cost, such as decreased reproductive output, is associated with the spines in B. calyciflorus. Thus, we studied the sex investment (i.e. production of mictic offspring and resting eggs) of B. calyciflorus populations at three Asplanchna kairomone concentrations (0, 10, and 100 Asplanchna L−1) and two food levels (1 and 12 mg C L−1) to evaluate the sex cost of inducible defences. We also evaluated the crowding threshold required to trigger sex investment (i.e. lowest population density at which mictic female is produced) in B. calyciflorus under different kairomone and food treatments. Results showed that (i) the B. calyciflorus population exposed to kairomones produced offspring with elongated posterolateral spines; (ii) the production of mictic offspring and resting eggs decreased in the B. calyciflorus population exposed to kairomones, suggesting an investment trade‐off exists between inducible defence and sex investment; (iii) the decrease in sex investment was higher at the high kairomone concentration than at the low kairomone concentration; (iv) the decrease of sex investment was higher at the low food level than at the high food level; and (v) the crowding threshold of the B. calyciflorus population increased upon exposure to kairomones. The results of this study suggest that the decreased sex investment in defended B. calyciflorus is a form of defence cost. Our findings add to our understanding of the effect of predation on the ecology and evolution of phenotypic plasticity in rotifers.