There is a faint midline band of gold flecks on the sides, the gill covers are translucent with a small golden patch.

The original distribution downstream is unknown with no records of the species in areas that have been colonised by introduced trout, including adjacent catchments within the overall Thomson River system.

[3] Galaxias lanceolatus is found in a small (0.5–1.5 metres (1.6–4.9 ft) wide) and shallow (100–500 millimetres (3.9–19.7 in) deep) cool, clear, slow-flowing creek within a forested area.

[3] Purely a freshwater fish, unlike many members of the Galaxias genus which include a downstream migration to the sea within their lifecycle.

Breeding season is unknown, but presumed to be late winter to early spring as females collected in May were at a mature stage of ovarian development with some males running ripe.