Pleuragramma antarcticum is a key component of the neritic assemblages in the Antarctic coastal waters. Larvae of this species were sampled from 2008 to 2011 in the Dumont d'Urville Sea (East Antarctica). The lipid class composition [triacylglycerols (TAG), cholesterol (Chol) and polar lipids (PL)] of larvae was measured to assess the larval condition. The total amount of lipids was linearly related to the quantity of structural polar lipids, suggesting that growth is favored over lipid storage. The TAG:Chol ratio showed interannual variability in the condition of fish larvae, probably related to prey availability. Nevertheless, the essential fatty acids composition of polar lipids illustrates that larvae with low levels of TAG:Chol could be either growing or under starvation. Only the combination of a low TAG:Chol ratio and low polar lipids content, which can also be mobilized during starvation periods, allowed identification of larvae in poor condition. This lipid condition index should be of great assistance to evaluate the probability of survival of P. antarcticum larvae in long-term monitoring. It has widespread applicability and should also be useful in the diagnosis of nutritional condition in other species.