Laternula gracilis has a thin, delicate shell that is elongated and oval in shape, with broadly rounded ends. The two halves of the shell are similar in size and shape, and it generally grows to around 50 mm in length.
The outer surface is whitish to pale cream, sometimes covered by a thin, transparent to light brown outer layer. Fine, rounded growth ridges run across the shell, following its outline, and become more noticeable towards the rear. Under magnification, the surface has a finely grainy appearance, with tiny, short, bristle-like projections.
The raised hinge area, known as the umbo, is low and positioned near the middle of the upper edge. Unlike some related species, the shell lacks a prominent pointed extension at either end.
The inside of the shell is smooth and pearly, with a small, spoon-shaped structure beneath the hinge that supports the internal ligament.
The combination of its elongated oval shape, delicate shell, fine growth ridges and pearly interior provides useful features for identification. However, examination of the internal shell structures may be needed to distinguish it from closely related species.