The eight stages from fertilized egg to swim fry in the half beak Hemiramphus sajori were determined from changes of chemical composition during early development. 1. Wet weight of the egg was not very much changed before hatching and wet weight of the larva increased gradually until the end of yolk sac stage after hatching. 2. 0.238mg Protein was contained in the fertilized egg. There was more consumed after hatching than before hatching. 3. 73.2μg lipid was contained in the fertillzed egg. There was more consumed before hatching than after hatching. 4. Phospho-lipids were mainly consumed during developmental stages before hatching and neutral lipids were mainly used after hatching. 5. The amount of Carbohydrate contained was 33.8μg, 1.4%in wet material. This value was 7 times as much as much as the carbohydrate contents of rainbow trout and pacific sardine. However, there was no decrease in carbohydrats of the larva after hatching. Therefore carbohydrate contents were very important as an energy source for formation of the embryo in the before-eyed egg stage of the half beak. 6. The average calorie value of the fertilized egg was 4.726 kcal per gram dry wight This value was lower because the half beak egg contained more carbohydrate of the lower calorie/unit type than rainbow trout and pacific sardine. 7. The number of calories consumed per a day in the before-eyed egg stage was larger than in any other stages, that in the yolk sac stage was second.