Generally the Hourglass Dolphin is a pelagic species seen far out to sea (Cipriano 2018). Most sightings are in an area around the Antarctic Convergence, between South America and Macquarie Island. The species seems to prefer sea surface temperatures between 0.6° and 13°C (mean 4.8°C; Goodall 1997) or even down to -0.3°C (Goodall 2002). Data from eight years of standardized shipboard surveys conducted during January–March (2003–2011) in the southern Drake Passage near the South Shetland Islands were used to quantify habitat use. Sightings occurred entirely in deep pelagic waters closely associated with the southern boundary of the Antarctic Circumpolar Current (Santora 2012). A second study found that sightings were in close proximity to areas of high productivity and oceanographic fronts (Dellabianca et al. 2012). Hourglass Dolphins are also sometimes observed in fairly shallow water near the Antarctic Peninsula and around islands and banks (Jefferson et al. 2015). Group size typically ranges from 1-12 individuals (Dellabianca et al. 2012).

This species is an avid bow-rider of both ships and whales (Cipriano 2018). The stomach contents of the five specimens that have been examined contained small fish (including myctophids), squid, and crustaceans. Hourglass Dolphins often feed below aggregations of seabirds and in plankton swarms.