The development and the test of a palm size finless torpedo shaped micro autonomous underwater vehicle (AUV) named Lancelet are presented. The vehicle has a diameter of 60 mm and only weighs 570 g. It has no appendages such as rudders, elevators, external propellers or other unprotected moving surfaces, which might increase the drag of the vehicle and interfere with the underwater obstacles. A novel vectored propulsion and control system is designed to allow the Lancelet moving at speeds up to 1.5 m/s, turning in place, pitching in place, and travelling with any pitching angle without losing its stability even in the vertical direction under open loop free swimming trails. This propulsion mechanism is simple, compact and robust, and can provide the Lancelet with both high speed and high maneuverability.