Camouflage and warning signals are different antipredator strategies, which offer an excellent opportunity to study the evolutionary forces acting on prey appearance. Edible prey often escape detection via camouflage, which usually leads to apostatic selection favoring rare morphs. By contrast, defended prey often display conspicuous coloration acting as warning signals to predators, which usually leads to positive frequency dependence and signal uniformity. However, when two morphs of the same species vary greatly in conspicuousness, the maintenance of both cryptic and conspicuous forms in profitable prey populations remains enigmatic. Using the white and melanic morphs of the invasive box tree moth (Cydalima perspectalis) presented at three different frequencies, we investigate (a) the palatability of caterpillars and adult moths to birds, (b) predation rates on the less conspicuous melanic morph, and (c) the role of frequency dependence in balancing morph frequencies. Our results show that caterpillars are distasteful for birds but not adult moths that are fully palatable. We found that the less conspicuous, melanic morph, benefits from reduced predation due to its lower detectability. The more conspicuous, white morph, instead, is more predated and is best off when common, suggesting positive frequency dependence. These results offer new insights into the evolution of color polymorphism and prey defenses in a polymorphic moth species. Further investigation is required to understand the role of different predation regimes on the maintenance of the polymorphism in this species and test whether additional selection pressures operate in natural populations.