Ocular morphology was examined in larval, juvenile and adult F. varium. There was a 26-fold increase in eye size from 0.28 mm in the smallest larva (5.0 mm in length) to a maximum diameter of 7.2 mm in a 110 mm long adult. Larval fish had pure cone retinae at hatching, however, putative rod precursor cells were also present. Juvenile and adult fish had a duplex retina with cones arranged in a square mosaic in which 4 equal double cones surrounded a central single cone. Hypertrophy of cone ellipsoids with increasing eye size resulted in maintenance of a closely packed array in fishes of all sizes. Theoretical sensitivity, assessed in terms of convergence of rods:bipolars, rod density, and photoreceptor outer segment length, increased during the juvenile phase but was constant across the adult size range. Angular density of cones increased with increasing eye size such that theoretical spacial acuity was poor in smallest fish (1°8′) and improved to an asymptotic value of about 9′ in adults. Behavioural acuity of a 1-day-old larva determined using the optokinetic response (29°), was very much poorer than histological estimates (1°8′). Behavioural acuity improved to 4°18′ at 14 days of age, compared to a theoretical value of 54′. An estimate of Matthiessen's ratio based on histological measurements suggests that the larval eye is initially strongly myopic, and grows into focus. Development of the retractor lends muscle was first apparent 7 days after hatching with the result that larval eyes are incapable of accommodative lens movements to correct for a refractive error. This apparent myopia is thought to account for at least part of the mismatch between theoretical and behavioural spatial acuity.