[1][3] It is the most species-rich genus in its taxonomic family as well as in the Arctic Ocean and adjacent waters.

[5] Four species, L. albonotata, L. teraoi, L. toyamensis and L. toyamesnsis are classified within the genus Petroschmidtia by some authorities.

Reinhardt though the teeth were similar to those of Anarhichas lupus and thought that the two taxa were closely related.

Within the genus, one clade has been identified, the "short-tailed" Lycodes that are associated with shallower depths (0–1200 m) than the long-tailed species (3–3000 m).

[4] Lycodes are bottom-dwelling fish with a relatively stationary life style.