In this study, we compared the genetic diversity and structure of small yellow croaker (Larimichthys polyactis, LP), large yellow croaker (Larimichthys crocea, LC), and their reciprocal hybrids (LP ♀ × LC ♂ (LCP) and LC ♀ × LP ♂ (LPC)) using 14 microsatellite loci. Our results revealed that genetic diversity was highest in LCP, followed by LP and LPC, with LC exhibiting the lowest level. Additionally, among the two hybrid progenies, the number of loci in LCP deviating from Hardy-Weinberg equilibrium was lower. This suggests that LCP is a more appropriate choice as breeding material and has the potential to enhance germplasm resources. Based on the analysis of 14 microsatellite loci, we observed that both hybrid species clustered with their respective maternal parents. Specifically, LPC exhibited a closer genetic relationship to its maternal parent than LCP did. Furthermore, the majority of genes in LPC were inherited from its maternal parent (LP). In the LCP population, approximately 63% of individuals possessed gene profiles similar to those observed in LPC, while the remaining individuals displayed a mix from both parents. This study provides a strategic direction for the efficient utilization and management of novel germplasm resources in hybrid yellow croaker. Hybrid yellow croaker serves as an intermediate breeding material, playing a significant role in the genetic improvement of Larimichthys crocea and Larimichthys polyactis.