In this study, we evaluated the effects of maternal subnutrition in early pregnancy on the growth and reproductive performance of female offspring during their rearing, first gestation, and lactation. We inseminated 21 Parda and 15 Pirenaica multiparous cows and assigned them to a CONTROL (100% of nutrition requirements) or SUBNUT (65%) diet until day 82 of gestation. Cows were fed 100% requirements afterward. During the rearing of female offspring, growth, physiological profiles and ovarian follicular dynamic were studied. At 16 months old, heifers were inseminated. After first calving, dam–calf weights were recorded during lactation. Heifers born from CONTROL cows were heavier at weaning (four months old) than heifers born from SUBNUT cows, but this difference disappeared at the end of rearing and during the first gestation and lactation periods. All heifers reached puberty at a similar age and live weight. During rearing, SUBNUT heifers had higher concentrations of non-esterified fatty acids, urea, and cholesterol and a lower antral follicle count than CONTROL, but no difference was found in their fertility rate. After heifer first calving, dam–calf weights were similar among groups. In conclusion, maternal undernutrition reduced offspring postnatal gains at weaning, compromising metabolic status and follicle population during rearing but did not impair performance in the first gestation and lactation periods of beef heifers.