Greenlip abalone (Haliotis laevigata) is one of the most economically valuable marine molluscan species in Australia and its aquaculture production comprises more than 50% of the total production of farmed abalone in this country. The development of a cryopreservation technique for this species will in particular enhance the efficiency of the established genetic improvement programs and thus the long-term development of this aquaculture industry. In this study, a series of experiments have been conducted to investigate factors important for the development of sperm cryopreservation techniques in this species, including the evaluation of (1) cryoprotectant toxicity; (2) pre-freezing temperature; (3) volume of sperm + cryoprotectant mixture in 2-mL cryovial; (4) sperm concentration; (5) cold storage duration; (6) thawing temperature; and (7) sperm to egg volume ratio on post-thaw sperm motility and/or fertility. The results show that 6% DMSO was the best among the cryoprotectants evaluated, resulting in a post-thaw fertilization rate similar to controls. Wild greenlip abalone sperm tolerated a reasonable range of conditions for most parameters crucial to the liquid nitrogen vapor cryopreservation method; pre-freezing temperature from − 60 to − 80 °C, duration of cold storage (for chemical equilibration) up to 1.5 h, and the thawed sperm/fresh egg ratio (by volume) up to 1:3. Although a 50 °C thawing temperature resulted in the highest fertilization rate of 95%, all the other temperatures evaluated (from 40 to 80 °C) produced a fertilization rate of 80% or higher. The use of the cryopreservation protocol established in this study will provide an alternative breeding technique to overcome key obstacles experienced in the existing genetic improvement programs.