The Fem-1 (Feminization-1) gene, encoding an intracellular protein with conserved ankyrin repeat motifs, has been proven to play a key role in sex differentiation in Caenorhabditis elegans. In the present study, three members of the Fem-1 gene family (designating Fem-1A, Fem-1B, and Fem-1C, respectively) were cloned and characterized in the redclaw crayfish, Cherax quadricarinatus. Sequence analysis showed that all three Fem-1 genes contained the highly conserved ankyrin repeat motifs with variant repeat numbers, which shared similarity with other reported crustaceans. In addition, a phylogenetic tree revealed that the Fem-1 proteins from C. quadricarinatus were clustered with the crustacean Fem-1 homologs, and had the closest evolutionary relationship with Eriocheir sinensis. Quantitative real-time PCR (qRT-PCR) results demonstrated that Fem-1B exhibited a significant higher expression abundance in the ovary than in other tissues. In addition, a regular mRNA expression pattern of the Fem-1B gene appeared in the reproductive cycle of ovarian development. Furthermore, RNA interference experiments were employed to investigate the role of Fem-1B in ovarian development. Moreover, knockdown of Fem-1B by RNAi decreased the expression of VTG in the ovaries and hepatopancreas. In summary, this study pointed out that Fem-1B was involved in the sex differentiation process through regulating VTG expression in C. quadricarinatus, and provided new insights into the role of Fem-1B in ovary development.