The Antarctic myctophid fish species Electrona antarctica is believed to play a key role in the Southern Ocean food web, but there have been few studies on its early life history. This study examined the developmental changes in the external morphology and osteology of E. antarctica from the early larva to juvenile stages through the transformation phase and inferred changes in its behaviour and feeding mode. Once the larvae reached 12–13 mm body length (BL), they adopted a primordial suction feeding mode along with the acquisition of early swimming capabilities. Thereafter, both swimming and feeding functions were enhanced through fin development and ossification and acquisition of elements of the jaw and suspensorium. These processes indicate that larvae transition from the planktonic to nektonic phase upon reaching 12–13 mm BL when they enhance their both swimming and feeding abilities with growth. Transformation occurred when larvae reached 19–21 mm BL with changes such as discontinuous increases in eye diameter and upper jaw length and the appearance of photophores and dense body pigmentation. Osteological development of swimming- and feeding-related structures were mostly complete after transformation. Rapid changes in external morphology and osteology during the transformation stage are most likely related to ontogenetic vertical migration into deep waters.