The study of the large paraphyletic group of extinct ‘palaeoniscoid’ fishes has shed light on the diversity and evolutionary history of basal actinopterygians. However, only a little ontogenetic information about ‘palaeoniscoids’ is known because their records in the early stages of development are scarce. Here, we report on a growth series of ‘palaeoniscoids’ in the juvenile stage from the Upper Triassic Amisan Formation of South Korea. Fourteen specimens, including five counterpart specimens, represent a new taxon, Megalomatia minima gen. et sp. nov., exhibiting ontogeny and exceptional preservation with the eyes possibly containing the crystalline lens, the otoliths, and the lateral line canals without covering scales. This discovery allows us to discuss the adaptations and evolution of basal actinopterygians in more detail than before. The otoliths in situ of Megalomatia support the previous interpretation that basal actinopterygians have a sagitta as the largest otolith. The trunk lateral line canal, which runs under the scales instead of passing through them, represents a plesiomorphic gnathostome trait. Notably, the large protruded eyes suggest that Megalomatia probably has binocular vision, which would have played a significant role in targeting and catching prey with the primitive jaw structure. In addition, the firstly formed skeletal elements such as the jaws, pectoral girdle, and opercular series, and the posteroanterior pattern of squamation development are likely linked to the adaptation of young individuals to increase their viability for feeding, respiration, and swimming.