The ability to autonomously explore and resolve tasks with minimal human guidance is crucial for the self-development of embodied intelligence. Although reinforcement learning methods can largely ease human effort, it's challenging to design reward functions for real-world tasks, especially for high-dimensional robotic control, due to complex relationships among joints and tasks. Recent advancements large language models (LLMs) enable automatic reward function design. However, approaches evaluate reward functions by re-training policies from scratch placing an undue burden on the reward function, expecting it to be effective throughout the whole policy improvement process. We argue for a more practical strategy in robotic autonomy, focusing on refining existing policies with policy-dependent reward functions rather than a universal one. To this end, we propose a novel reward-policy co-evolution framework where the reward function and the learned policy benefit from each other's progressive on-the-fly improvements, resulting in more efficient and higher-performing skill acquisition. Specifically, the reward evolution process translates the robot's previous best reward function, descriptions of tasks and environment into text inputs. These inputs are used to query LLMs to generate a dynamic amount of reward function candidates, ensuring continuous improvement at each round of evolution. For policy evolution, our method generates new policy populations by hybridizing historically optimal and random policies. Through an improved Bayesian optimization, our approach efficiently and robustly identifies the most capable and plastic reward-policy combination, which then proceeds to the next round of co-evolution. Despite using less data, our approach demonstrates an average normalized improvement of 95.3% across various high-dimensional robotic skill learning tasks.