Stocking hatchery‐reared muskellunge Esox masquinongy is important to Wisconsin's muskellunge management program. Typically, large (8–12‐in) fingerlings are stocked in fall; however, these fish have poor short‐term (30–60‐d) survival. To assess survival and cost‐effectiveness (maximizing return per dollar invested), both over winter and to age 18 months, I compared success of fish stocked as fall fingerlings (FF) and spring yearlings (SY). Overwinter survival of FF averaged 19% (N = 14; range, 2.7–43.3%). Mortality was highest from stocking through late fall, then declined over winter. In three lakes stocked with both FF and SY, SY survived better (19%) than FF (4%) to age 18 months. Cost analysis based on survival over winter revealed no consistent economic advantage in stocking larger, more expensive fingerlings within the 8–12‐in range unless precise information is known about potential predators. Cost comparisons indicated SY were one to four times more cost‐effective than FF to age 18 months. Stocking SY should provide a better return to the fishery per hatchery dollar than stocking FF.