Since the beginning of the 21st century, the Naru eagle ray (Aetobatus narutobiei) has been found to be distributed in large numbers in the western sea regions of Japan. Moreover, it has been exterminated as it feeds on beneficial shellfish. It is an ovoviviparous ray, and ecological studies on this species have been carried out around the Japanese coast; however, the developmental stages in the life of the Naru eagle ray have not been reported yet. Based on our research in the western Seto Inland Sea, Japan, from 2004 to 2012 on a total of 368 embryos (uterus larvae) and 985 free-swimming individuals, we identified the developmental stages of this ray according to those of marine teleosts (stages: egg, larva, juvenile, young, immature, and mature). As a result, the Naru eagle ray embryo was found to develop from an egg and pass through the juvenile to the young stage in the uterus of the female parent, where it utilizes the yolk and ingests the uterine milk through the trophonemata. Before birth, the uterus larva completes its body form as a species. This species exhibits sexual dimorphism, where females grow slower, larger, and live longer than males. It could be considered that sexual dimorphism along with the modes of development and maintenance of the uterus larva are evolutionarily conserved mechanisms.