This species was originally described as Cynolebias magnificus.

Costa split he genus Cynolebias into Cyolebias, Megalebias and Simpsonichthys.

W. Costa (2006) then assigned many members of the genus Simpsonichthys to the subgenus Hypsolebias (Costa 2006). Hypsolebias was subsequently elevated to a genus (Costa 2011). According to some scientists, the separation of Hypsolebias from the genus Simpsonichthys is insufficiently substantiated and, therefore, debatable.

Discoverer(s): Gilberto Campello Brasil, February 10. 1990.

Etymology: made (from Latin: fic, weak root of facio) great (from Latin: magnus), in reference to the magnificent color pattern of male.

type locality is a temporary puddle (February 1990) in a native forest; water is clear and slightly amber due to a thin layer of organic sediment on bottom; aquatic vegetation comprises Echinodorus sp., Salvinia sp., Lemna sp. and Pistia sp. (Costa & Brasil, 1991b) ; closely related H. magnificus, picturatus, harmonicus, gardneri, and hamadryades live only in shadowed parts of the pools, protected by dense concentration of shrubs and trees (Costa et al., 2018a).

In the hobby, Hypsolebias magnificus of Itacarambi is very popular. Coord. 15°4'12.25"S 44° 7'12.10"W

Superspecies-components:

H. adornatus, alternatus, brunoi, caeruleus, carlettoi, delucai, fasciatus, flammeus, fulminantis, gardneri, hamadryades, harmonicus, hellneri, longignatus, lopesi, magnificus, multiradiatus, ocellatus, picturatus, shibattai, splendissimus, tocantinensis, trifasciatus.

Diagnosis:

a pale blue spot on almost all sides scales of male on a red background ; unpaired fins, with red irregular lines crossing rays and a black border ; 3-4 red vertical bars on anterior sides. (Costa & Brasil, 1991).

This species can be productive, and the fry is small. Immediately after hatching, the fry should be fed with freshly hatched Artemia nauplii (brine shrimp) or better Paramecium. As most annual species do, they spawn by diving entirely into the substrate. It is best to provide a container with a lid on top in which a hole is made to allow the fish access. That container will need to have enough peat in it for the fish to dive completely into it. For most Hypsolebias species, egg development is complete after 8-10 weeks. However, it is wise also to check a few weeks earlier to see if any eggs have fully developed. Do not let the peat dry too far because the Hypsolebias like it moist. The development will be slower at storage temperatures between 21 and 24 Celsius and speed up at 25-29 Celsius. Before watering the eggs, put some eggs in the water of about 18-20 degrees Celsius to see if the eggs hatch

correctly. That usually happens within 2-6 hours. Then, if eggs hatched well and fry, swim correctly, bring all remaining peat in the water. You may need to re-pack the peat after pouring over the first group of fry to a larger tank. With regular water changes and sufficient food, the young will grow quickly, and after about 5-6 weeks, they can already produce their first eggs. Since this genus has an annual life cycle, the expected life span in captivity is not much more than 10 to 12 months. Their life expectancy is limited to when their pool still has water in the wild. This period can vary from 6 to 8 months.

Remarks:

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Max. size 5.0 cm.
Dorsal 20.4,
Anal 24.0,
D/A 5.3,
LL scale count (average)27.2
Pre- dorsal length to % SL – 50.7 %
Depth to % SL – 28.7 %