Larvae of the freshwater shrimp, Macrobrachium nipponense were reared in the laboratory at constant condition $(25^{circ}C,;7\%o)$, and their feeding rate, oxygen consumption rate, and growth rate were measured in regular intervals of time during larval development. Regression equations describing rates of feeding, growth and respiration as functions of time during individual larval molt cycles were inserted in a simulation model in order to analyse time-dependent patterns of variation as well as in bioenergetic efficiencies. Absolute values for feeding, growth, respiration and assimilation showed clear changes during the molt cycle, The absolute and specific values of respiration (R: R/C) showed small variation during the individual molt cycles. Significance of respiration in relation to growth (G) increased within the carbon budget, respiration rate (R/C) outbalanced growth rate (G/C) in late premolt. When the portion of metabolizable carbon is respired (R/G), metabolic coefficient was < 1 (i.e. R<G) in postmolt phase. The cumulative carbon budgets showed in subsequent larval instars consipicuously increasing figures in terms of their parameters. F, G and R increased to a particularly high level from the hatching to the postlarval instar, and hence, net growth efficiency $(K_2)$ decreased concurrently, In cumulative carbon budget, total feeding was $491.54;{mu}g$ C/ind., assimilation was $85.3\%$, respiration was $47.7\%$, and growth was $37.6\%$ from hatching to postlarval stage.