It inhabits surface and mid-depth waters of open ocean.

Juveniles live near the surface, while adults occupy mesopelagic depths during the day and migrate to near-surface waters at night.

M. fisheri possesses two large light organs in the gill cavity.

Females additionally have light organs on the ends of their third arm pair.

It is possible that this taxon is conspecific with Megalocranchia abyssicola, in which case M. fisheri would become a junior synonym.