Food uptake follows rules defined by feeding behaviour that determines the kind and quantity of food ingested by fish larvae as well as how live prey and food particles are detected, captured and ingested. Feeding success depends on the progressive development of anatomical characteristics and physiological functions and on the availability of suitable food items throughout larval development. The fish larval stages present eco-morpho-physiological features very different from adults and differ from one species to another. The organoleptic properties, dimensions, detectability, movements characteristics and buoyancy of food items are all crucial features that should be considered, but is often ignored, in feeding regimes. Ontogenetic changes in digestive function lead to limitations in the ability to process certain feedstuffs. There is still a lack of knowledge about the digestion and absorption of various nutrients and about the ontogeny of basic physiological mechanisms in fish larvae, including how they are affected by genetic, dietary and environmental factors. The neural and hormonal regulation of the digestive process and of appetite is critical for optimizing digestion. These processes are still poorly described in fish larvae and attempts to develop optimal feeding regimes are often still on a 'trial and error' basis. A holistic understanding of feeding ecology and digestive functions is important for designing diets for fish larvae and the adaptation of rearing conditions to meet requirements for the best presentation of prey and microdiets, and their optimal ingestion, digestion and absorption. More research that targets gaps in our knowledge should advance larval rearing.

Despite the recent progress in the production of inert diets for fish larvae, feeding of most species of interest for aquaculture still relies on live feeds during the early life stages. Independently of their nutritional value, live feeds are easily detected and captured, due to their swimming movements in the water column, and highly digestible, given their lower nutrient concentration (water content>80%). The present paper reviews the main types of live feeds used in aquaculture, their advantages and pitfalls, with a special emphasis on their nutritional value and the extent to which this can be manipulated. The most commonly used live feeds in aquaculture are rotifers (Brachionus sp.) and brine shrimp (Artemia sp.), due to the existence of standardized cost‐effective protocols for their mass production. However, both rotifers and Artemia have nutritional deficiencies for marine species, particularly in essential n‐3 highly unsaturated fatty acids (HUFA, e.g., docosahexaenoic acid and eicosapentaenoic acid). Enrichment of these live feeds with HUFA‐rich lipid emulsions may lead to an excess dietary lipid and sub‐optimal dietary protein content for fish larvae. In addition, rotifers and Artemia are likely to have sub‐optimal dietary levels of some amino acids, vitamins and minerals, at least for some species. Several species of microalgae are also used in larviculture. These are used as feed for other live feeds, but mostly in the ‘green water’ technique in fish larval rearing, with putative beneficial effects on feeding behaviour, digestive function, nutritional value, water quality and microflora. Copepods and other natural zooplankton organisms have also been used as live feeds, normally with considerably better results in terms of larval survival rates, growth and quality, when compared with rotifers and Artemia. Nonetheless, technical difficulties in mass‐producing these organisms are still a constraint to their routine use. Improvements in inert microdiets will likely lead to a progressive substitution of live feeds. However, complete substitution is probably years away for most species, at least for the first days of feeding.

Despite considerable progress in recent years, many questions regarding fish larval nutrition remain largely unanswered, and several research avenues remain open. A holistic understanding of the supply line of nutrients is important for developing diets for use in larval culture and for the adaptation of rearing conditions that meet the larval requirements for the optimal presentation of food organisms and/or microdiets. The aim of the present review is to revise the state of the art and to pinpoint the gaps in knowledge regarding larval nutritional requirements, the nutritional value of live feeds and challenges and opportunities in the development of formulated larval diets.

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