Its taxonomic identity was long uncertain, often being placed as a clupeid or an indeterminate clupeomorph, but more recent studies have placed it with the Ellimmichthyiformes. Its closest relative has been found to be Sorbinichthys, another unusual ellimmichthyiform from marine deposits in Lebanon,[3][4][5] though some studies have been inconclusive about this.[2]
It is notable for its extremely deep abdominal profile (hence the genus name Gasteroclupea, translating to "stomach herring"), which shows heavy convergent evolution with the distantly related herring Pristigaster and especially with the unrelated freshwater hatchetfish (Gasterpelecidae), both of which are also known from South America. As with modern freshwater hatchetfish, its upturned mouth may have been an adaptation to a lifestyle of feeding on fallen insects on the water's surface.[3]