[4] These tiny squid are found on the shores of Japan in springtime during spawning season, but spend most of their lives in deeper waters between 200 and 400 metres (700 and 1,300 feet; 100 and 200 fathoms).

They are further classified into the order Oegopsida for possessing the characteristic traits of having no tentacle pockets in the head and no suckers on the buccal supports.

[9][10] Firefly squid are the only cephalopods to have this structural arrangement which increases the efficiency of its bioluminescence and allows the light to be directed downward in a cone-like projection.

[11] This directed cone of bioluminescence is hypothesized to allow the Firefly squid to better detect its prey and predators from below and attract small fish to eat.

Subadult and adult stages see an increase in dietary diversity to include planktonic crustaceans, fishes, and squid.

[16] Firefly squid face high predation rates and may serve as the primary food source for some predatory species including northern fur seals, particularly during their yearly migration.

[14][15] This feeding strategy is reflected in the squid's gut anatomy, which has a longer cecum that allows it to absorb nutrients during the day when its metabolic rate is lower.

[14][15] The firefly squid resides in the deep waters of the Western Pacific Ocean where limited amounts of visual light penetrate from the surface and are bioluminescent.

Firefly squid do not have multifocal lenses, but use a banked retina –specific photoreceptive cells are located at different distances from the lens – to compensate for LSA.

[23] Firefly squid show rare evidence of cephalopod monogamy in their reproductive cycle when they make a yearly migration to the coastal waters of Toyama Bay each spring during their mating season.

For example, females store sperm for long periods in bilateral pouches under the neck collar, and are capable of egg spawning after the breeding season when males are no longer present.

Researchers found that mated females stored an equivalent amount of sperm in both pouches surrounding their seminal receptacles.

Commercial consumption of the W. scintillans is largely driven by the flashing blue display of photophores that makes them considered a menu prized item at restaurants.

Researchers found that long-term sedation (3+ days) of firefly squid can be accomplished using magnesium sulphate with relatively no harm being conferred to the organisms.

[27] Historically, firefly squid was never eaten raw in Japan, due to risk of the nematode parasite Crassicauda giliakiana.

However, with the use of modern refrigeration, raw firefly squid can now be served after passing food safety standards set by the Ministry of Health, Labour and Welfare.