It is not commercially important, though it is a valuable food source for predatory fish and seabirds in the Arctic region.

[3] The shape of its body resembles that of a tadpole, with a large rounded head and abdomen tapering towards a narrow tail.

[7][4] When alive, the peritoneum also has some silvery markings, but once dead and preserved these rapidly disappear, making it appear all dark.

[5] L. fabricii is lighter colored when young, with the pigment cells (melanophores) visible as brownish speckles just under the skin.

[4][9] L. fabricii can be distinguished from other snailfishes by its dark peritoneum and by the number of soft rays on its anal fin.

[4] Although the dark peritoneum is unique among Arctic snailfish, L. fabricii as presently defined is a complex that comprises several species that all have it (some of these have scientific names that can be resurrected, but others remain undescribed).

[1][3][7] It is a benthopelagic species and can be found at depths of 5 to 1,800 m (16 to 5,906 ft);[3][14] from just beneath the pack ice in open water to deep in the ocean bottom.

[8][14] Liparis fabricii preys on small benthic and pelagic invertebrates, mainly crustaceans (usually hyperiid amphipods) and marine worms.

[7] Based on trawl surveys where many hundred have been caught in a relatively short period, L. fabricii likely occurs in schools.