There are two species classified in this genus one from waters west of New Zealand and the other from the South China Sea.

The body is relatively elongate, extensively gelatinous and lacking areolar spots.

The paired fins are laterally placed, and supported by a W-shaped internal shell with the shell wings bearing in-rolled margins and tapering to acute points.

[2] The genus was originally placed within its own family, Luteuthidae (O'Shea, 1999), as the presence of a radula was deemed very distinctive.

However, it later became apparent that species of Grimpoteuthis also often have a radula and the two genera share other distinctive features (such as the optic nerves forming a single bundle each side of the head), with molecular data further supporting placement of Luteuthis, Grimpoteuthis and Cryptoteuthis in the family Grimpoteuthidae.