In this study, the maturation of the ovarian portion of the ovotestes, the viability of mating, and the embryonic development were investigated for Lysmata ankeri, an ornamental species widely exploited by marine aquariums that presents protandric simultaneous hermaphroditism. Two types of pairs were formed: hermaphrodite × hermaphrodite (HH, n = 7 pairs) and male shrimp × hermaphrodite (MH, n = 7 pairs). The maturation time of the ovaries averaged 11.7 ± 0.18 days and it was classified into three stages: depleted ovary (DOg), developing ovary (DOb) and developed ovary (DOr), with each one showing different colors: gray (Pantone: Cool gray 1C), brown (Pantone: 465C) and red-orange (Pantone: 4011C), respectively. The incubation of the eggs coincided with the maturation of the ovaries. Embryonic development was classified into 11 periods. There was greater mating success between HH pairs than MH pairs. In the MH pairs, the male was cannibalized by the hermaphrodite when molting most of the time. L. ankeri showed continuous reproduction with the production of viable larvae with a low yolk reserve. •We obtained viable larvae in consecutive spawnings.•We demonstrated that the species has continuous reproduction and is technicaly viable to perform mating in laboratory.•There was greater mating success between HH pairs than MH pairs.•Information regarding ovotestes coloration and embryo development can aid in breeders management in laboratory.