The sperm collection time, sex steroid hormones, and gonadal development of protandrous black porgy, Acanthopagrus schlegeli, acclimated in freshwater for more than 2 years were investigated to evaluate its reproductive capability. The gonadal development of black porgy reared in seawater and freshwater could each be classified into four successive stages. For black porgy reared in seawater (BSW) as the control, these were the growing (December to February), mature (February to March), spent (March to June), and degeneration and resting (July to December) stages; for black porgy reared in freshwater (BFW), these were the growing (November to January), mature (January to February), spent (February to May), degeneration and resting (June to November) stages. In both BSW and BFW, the plasma cortisol levels were the highest in March. The plasma testosterone (T) levels of BSW and BFW were the highest in March and February, respectively. The plasma estradiol-$17{eta}$ ($E_2$) levels did not differ significantly between BSW and BFW. The 11-ketotestosterone (11-KT) levels in the plasma of BSW and BFW were the highest in April. Sperm was collectible from March to June in BSW and from February to May in BFW. The results indicated that the gonadal maturation of BFW was about 1 month faster than that of BSW.