The jellyfish genera Stomolophus spp. is one of the most abundant in the Pacific Ocean, yet it has not been thoroughly studied. Until recently, research has been developed and directed to its knowledge because of the economic interest in its exploitation. The genus Stomolophus in the Pacific Ocean is composed of five species (S. agaricus, S. chunii, S. collaris, S. fritillaria, and S. meleagris), and Stomolophus sp. 2 has been recently reported in the central part of the Gulf of California. Therefore, this study aimed to describe in vivo the different developmental stages of Stomolophus sp. 2 life cycle. As a result, multiple polyp reproduction forms were described, such as polyp-stolon formation, polydisc strobilation with more than 20 ephyrae formed by each strobila, and polyp formation directly from juvenile ephyra. In the degenerating phase, the polyps turned into cysts induced by stress conditions, such as changes in temperature, oxygen, and food availability. The life cycle of Stomolophus sp. 2 can be distinguished from that of S. meleagris by showing various asexual reproduction mechanisms and polydisc-like strobilation. The formation of polyps directly from the ectoderm of degenerating juvenile medusae suggests the possibility of a reversion cycle. Because of the different life cycles between S. meleagris and S. sp. 2, in addition to their morphological and genetic differences, this study proposes that Stomolophus sp. 2 should be considered a new species and suggests the name Stomolophus yaquilli, in reference to the indigenous community that lives in the species distribution area.