The early Cambrian pentamerous microfossil Olivooides/Punctatus in South China, which is characterized by a diagnostic stellate tubular apex, has been well-known for its almost complete development sequence that can be confidently traced from embryos and hatched juveniles, to conical adults. However, its zoological affinity remains highly controversial. Here we describe the internal microanatomic structures of the soft-body inside the peridermal theca of Olivooides multisulcatus Qian, 1977, including interradial pairs of tentacles, adradial and perradial frenula, perradial oral marginal lappets and twins of perradial gastric saccule-like humps as well as a circular velarium with striated coronal muscles. Particularly, one specimen shows bifurcated velarial canals along the bell aperture. Both the components of the soft-body and the external theca (or cyst) are arranged in perfect pentaradial symmetry. These characteristics are more compatible with those of living cubomedusans and co-occurring Cambrian athecate embryonic cubozoans. Concerning the presence of peridermal theca, Olivooides most likely represents an extinct thecate stem-group cubomedusae but devoid of both perradial eyes and specialized pedalia. The well-grown soft body inside the peridermal tube displays a set of mixed features of both polyp and medusa.