Aspects of a method and system for symmetric transmit and receive latencies in an energy efficient PHY are provided. In this regard, a delay introduced by a PHY of a network device for outbound traffic and a delay introduced by the PHY for inbound traffic may be controlled such that a transmit delay of the network device is equal, within a tolerance, to a receive latency of the network device. The delays may be controlled based on whether one or more energy efficiency features are enabled in the PHY. The delay introduced by the PHY for outbound traffic may be controlled based on an amount of buffered inbound traffic. The delay introduced by the PHY for inbound traffic may be controlled based on an amount of buffered outbound traffic. The delays may be controlled such that said receive latency and the transmit latency are approximately constant regardless of a mode of operation of the network device.