Octopus fisheries have prospered in many areas of the world ocean over the last six decades. Despite degradation and overexploitation of Chinese coastal ecosystems, octopus has become a stable Chinese domestic fishery species. Among the octopus species in the Bohai and Yellow, East and South China Seas, Amphioctopus fangsiao (d’Orbigny [in Férussac & d’Orbigny], 1839–1841) plays an increasingly important role both economically and ecologically. However, no systematic research has been conducted on its biology and population dynamics in the China Seas. In this study, we characterized the growth and distribution of A. fangsiao in Haizhou Bay, Yellow Sea based on four years of trawl survey data. As the results, A. fangsiao is characterized by allometric growth and an overall sex ratio of 0.97 with a slight male bias. Small octopus can be observed through a whole year, suggesting that A. fangsiao may have an extended or continuous spawning season. A. fangsiao may migrate short distances along with seasonal changes and coastal currents, considering they overwinter in the offshore water and spawn in the inshore water. In addition to fishing pressure, annual variations in the population structure and biomass appeared to be influenced by ambient water temperature. These results provide basic biological information for a better understanding of the population dynamics and the ecological importance of A. fangsiao.