Eugenol is a natural phenolic essential oil extracted from cloves, that has analgesic and anesthetic effects and is widely used in fishery anesthesia. However, the potential safety risks of aquaculture production associated with the massive use of eugenol and its developmental toxicity during early life stages of fish have been overlooked. In this study, zebrafish (Danio rerio) embryos at 24 hours post-fertilization (hpf) were exposed to eugenol at concentrations of 0, 10, 15, 20, 25, or 30 mg/L for 96 h. Eugenol exposure delayed the hatching of zebrafish embryos, and reduced the body length and the inflation rate of the swim bladder. The accumulated number of dead zebrafish larvae in the eugenol-exposed groups was higher than that of the control group, and it was dose-dependent. Real-time quantitative polymerase chain reaction (qPCR) analysis showed that the Wnt/β-catenin signaling pathway that regulates the development of the swim bladder during the hatching and mouth-opening stages was inhibited after eugenol exposure. Specifically, the expression of wif1, a Wnt signaling pathway inhibitor, was significantly up-regulated, whereas the expression of fzd3b, fzd6, ctnnb1, and lef1 involved in the Wnt/β-catenin pathway was significantly down-regulated. These results suggest that the failure of zebrafish larvae to inflate their swim bladders as a result of eugenol exposure may be caused by the inhibition of the Wnt/β-catenin signaling pathway inhibited. In addition, the inability to catch food due to the abnormal development of the swim bladder may be the key to the death of zebrafish larvae during the mouth-opening stage.