A case of presumptive allantois or amniotic hydrops of the fetal membranes was diagnosed in a young Intracytoplasmic Sperm Injection (ICSI) derived embryo recipient. Hydrops is a rare condition and treatment is usually focused on saving the mare. This case report describes the successful management of hydrops of the fetal membranes diagnosed in an Anglo-Argentine mare at 316 days of gestation, which resulted in a live foal. The mare was treated with broad-spectrum antibiotic therapy (30 mg/kg twice a day sulfadiazine-trimethoprim per os), an anti-inflammatory (flunixin meglumine 1.1 mg/kg once a day Intravenously (IV)), plus progestin's (altrenogest 0.44 mg/kg once daily per os) at day 328 of pregnancy, an immature foal was delivered and was immediately treated with antibiotics (ampicillin 10-20 mg/kg three times a day IV and amikacin 25-30 mg/kg once a day IV), antiacid therapy (ranitidine 1.5-2 mg/kg IV twice a day), as well as hyperimmune plasma and fluid therapy. Oxygen therapy was introduced while the foal was asleep. A commercial IgG blood test confirmed the passage of immunoglobulins. The histological architecture of the placenta revealed that both the amnion and allantois cavities were involved. This report describes one of the few hydrops pregnancy cases reported with a positive outcome for both the mare and foal. Early suspicion was found to be crucial for the positive outcome, enabling rapid hospitalization for the monitoring, treatment, and supportive care of both the mare and foal.