1. A major hypothesis of life-history theory is that conditions of early development affect future survival and reproductive success. Responses to detrimental environments during early ontogeny may involve trade-offs between current and future fitness. Yet, the functional mechanisms involved in such evolutionary trade-offs remain poorly documented. 2. The physiological and behavioural ontogeny of diving abilities was examined in subantarctic fur seal (Arctocephalus tropicalis Gray) pups to assess whether the repeated extreme fasts they naturally endure throughout the period of maternal dependence impacts on their development. 3. The ontogeny of pup body oxygen storage capacity was slow, in particular for the muscle compartment, which shows limited increase in myoglobin content (0·23-0·85 g 100 g wet muscle⁻). As a consequence, by the time of weaning, mass-specific oxygen stores had only reached 76%, 24% and 61% of adult female capacity for blood, muscle and total, respectively. Concomitantly, in marked contrast to other pinniped infants, they spent decreasing amounts of time in water (16-7%) with age and exhibited very little diving experience and skills. 4. Overall, in addition to experiencing the longest fasting durations throughout the maternal dependence period, subantarctic fur seal pups demonstrate the lowest levels of mass-specific total oxygen stores and maximum dive duration of any otariid near the age of weaning reported to date. 5. Furthermore, dives that exceeded the calculated aerobic dive limit occurred with a very low frequency (0·04%), suggesting that behavioural limitations linked to the necessity to conserve energy to survive repeated fasting, rather than restricted oxygen storage capacity, constrained pup diving behaviour. 6. Hence, these animals appear to trade-off the early development of both their physiological and behavioural diving abilities in favour of body fat accumulation to survive the prolonged fasts they must endure and, potentially, provide a nutritional buffer while they locate appropriate food patches after weaning. While promoting pre-weaning survival, this strategy renders pups more vulnerable to unpredictable changes in environmental conditions and food availability at the transition to independent foraging and, thus, could have negative impact on post-weaning survival.