The Chili fish, one of the most common species of the freshwater fishes, is distributed in the river basins of the western coast of Korea. However, any studies on this fish, especially its development or life history, have not been made so far. The authors, therefore, carried out an experiment to reveal some characteristics of egg develoment and fry in this fish. For accomplshing this study, we caught some adult Chili fish by means of a casting net at raceway in the vicinity of Kunsan in June and July, 1983; then, we injected 0. 1 cc Gonadotrophic hormone 1,000 unit solution (Puberogen) in order to induce the spawning on the abdominal cavity of male and female respectively, Approximately 12 hours after injection, the artificially fertilized eggs by using of the dry method and the naturally fertilized eggs were observed simultaneously in the aquarium ($30{\times}50{\times}70cm$). The fertilized eggs, in spherical shape, were sperative, demersel, adhesive nature and $1.38{\sim}1.59\;mm$ in diameter. The light yellow yolk was opaque and $1.17{\sim}l.27\;mm$ in diameter. The hatching of eggs took place at 29.5 hours after fertilization under the condition of $23.5{\sim}25.0^{\circ}C$ water temperature. Basically there were not found so many different aspects in comparison with the common species of Cyprinidae in the development process of eggs : however, there were a few noticable characteristics, that is, pigment cells, eye balls and blood circulation are invisible, or the velocity of egg development is rapid, seemed similar to the Loach's egg. Newly hatched larvae with the yolk sac (2.39 mm in size) were $3.87{\sim}3.99\;mm$ in total length and their myotome number was expressed as 28+15=43. About 20 hours after hatching, a caudal and a pectoral fin as well as an anus began to orgin. In addition, a few malanophore showed on the upper regin of the yolk sac of the larvae whose size was 4.73 mm in total length. The larvae developed about 5.02 mm in total length, and the median fin fold in the abdomen extended forward to two thirds or beyond of the yolk sac at 50 hours after hatching. Simultaneously, the eye balls and mouth also appeared. After 3 days, the yolk sac nearly disappeared, and the larvae (5.4 mm in total length) with perfect eye balls began to swim for themselves for the first time. Also, the specialization between the gill arches and the ailmentary canal, the development of each fins except dorsal fin as well as the blood circulation obviously distinguished in this stage. The larvae whose total length was 5.68 mm was very brisk: also, the development of the dorsal fin rudiment, nearly perfect formation of each organs and the function of the upper and lower jaws were noticeably observed 5 days after hatching.