Abstract: To investigate the synergistic effects of probiotics and microalgae on larval rearing performance of giant freshwater prawn (Macrobrachium rosenbergii), this study selected Haematococcus pluvialis and Oocystis borgei, which were respectively combined with Clostridium butyricum and Lactobacillus for treatment. The impacts of different probiotic-microalgal combinations on larval survival, growth, development, water quality, and physiological parameters were systematically evaluated. The results showed that the O. borgei+Lactobacillus treatment achieved the highest survival rate (85.80%), significantly higher than that of the control group (50.2%, P<0.05), while the O. borgei+C. butyricum combination exhibited optimal performance in promoting larval growth and development. The two microalgae species demonstrated functional differentiation in water quality regulation: H. pluvialis showed significant advantages in nitrogen removal, whereas O. borgei was most effective in reducing organic matter load (COD_cr). Physiological analysis showed that probiotic-microalgal combinations could effectively alleviate oxidative stress in larvae, with malondialdehyde (MDA) content reduced by 68.3%—87.3% compared to the control (P<0.05), among which the H. pluvialis+C. butyricum combination demonstrated the strongest overall performance in antioxidant, immune, and digestive functions. Stepwise regression analysis revealed that total inorganic nitrogen (TIN) concentration and MDA were the key driving factors affecting larval survival rate, jointly explaining 61.0% of the variation. This study elucidates the mechanism by which probiotic-microalgal synergy enhances larval rearing efficiency through nutrient cycling and physiological regulation, providing theoretical basis and technical reference for microecological intervention in crustacean larviculture.