PURPOSE: To characterize the morphokinetic profile of blastocyst-stage embryos derived from biphasic capacitation in vitro maturation (CAPA-IVM), using a contemporaneous cohort of controlled ovarian stimulation with intracytoplasmic sperm injection (COS-ICSI) embryos as the reference, with standardized time-lapse imaging. METHODS: This retrospective cohort study was conducted at an assisted reproduction center from March 2021 to December 2024. Eligible women were aged < 40 years and had no prior fertilization failure, gamete donation, planned preimplantation genetic testing, or significant male factor infertility. CAPA-IVM and COS-ICSI cycles were matched 1:1 on a propensity score built from female age and the number of analyzable embryos in the cycle. Embryos were cultured to the blastocyst stage with time-lapse monitoring. Morphokinetic timings were compared using crude, adjusted mixed-effects, and trajectory analyses, with a crude subgroup analysis of good-quality G1/G2 embryos. RESULTS: Overall, 232 couples contributed 876 embryos (421 CAPA-IVM and 455 COS-ICSI). In crude analyses, CAPA-IVM versus COS-ICSI embryos showed later pronuclear appearance (+ 0.71 h; p < 0.001), earlier pronuclear fading (- 0.92 h; p < 0.001), earlier t3 (- 1.42 h; p < 0.001), and earlier t5 (- 1.40 h; p = 0.017), but later compaction (+ 2.00 h; p < 0.01) and blastulation (+ 1.67 h; p < 0.01). Later pronuclear appearance, earlier pronuclear fading, earlier t3, and earlier t5 with CAPA-IVM versus COS-ICSI remained statistically significant after adjustment. There was a lower proportion of good-quality G1/G2 embryos after CAPA-IVM versus COS-ICSI (29% vs. 39%; p < 0.01). In the G1/G2 embryo subset, CAPA-IVM showed later pronuclear appearance but earlier pronuclear fading, t3, and t4. CONCLUSIONS: CAPA-IVM embryos showed a distinct, non-uniform morphokinetic profile, highlighting the need for maturation pathway-specific interpretation of time-lapse data.