Shape morph-specific studies in hippolytid shrimps revealed significant results on their ecomorphology and evolutionary adaptations. Among the species of the genus Hippolyte, only one exhibits an unusual, sharp rostral dimorphism and has been used as an animal model for the investigation of mechanisms of the morph-specific adaptation: the intertidal Hippolyte sapphica. The species is endemic of the Central/Eastern Mediterranean basin and exhibits morph-A with a long dentate rostrum and morph-B with a short, juvenile-like one. The two morphotypes were recently confirmed to be conspecific, while offspring and morphological studies showed significant microevolutionary adaptations, which balance the disadvantage of the “rostral loss.” The present study aims to investigate the effect of such phenotypic variation on the reproductive traits of the species. We collected ovigerous females of H. sapphica in mixed (morph-A and morph-B) and unmixed populations (morph-A) along the species geographical range. We measured seven morphometric and maternal investment traits: carapace length, fecundity, embryo volume, egg density, female dry weight, brood dry weight, and reproductive output. Our results showed that ovigerous females were bigger in morph-A than in morph-B, whereas fecundity did not show any significant differences between the two morphotypes. High egg volume might be attributed to the latitudinal differences of our sampling sites compared to congenerics. Interestingly, the reproductive output was found to be bigger in morph-A specimens, suggesting that the maternal energy investment is selectively determined from the rostral presence/absence and the morphotype’s higher viability in the species populations.