The photosynthetic characteristics and primary production by phytoplankton in open waters of two wetlands (the Banwol and the Donghwa wetland) of Sihwa Constructed Wetland with different water chemistry were investigated to provide the information for the wetland management considering the water treatment efficiency. During the study period (from March to October, 2005) the primary productivity in open waters ranged from 481 to 11,275 mgC $m^{-2}$ $day^{-1}$, which is very high compared with the eutrophic level of 600mgC $m^{-2}$ $day^{-1}$. From the analysis of the photosynthesis-irradiance (P-I) model parameters, the photosynthetic characteristics may be affected by different concentration and ratio of nutrient (N and P) between two wetlands. Assimilation number (AN) was higher in the Donghwa wetland (average AN: 8.5gC $gChl^{-1}$ $hr^{-1}$) with high P and low N/P ratio than the Banwol wetland (average AN: 5.8gC $gChl^{-1}$ $hr^{-1}$) with high N and high N/P ratio. This result indicates that AN may be concerned with phosphorus than nitrogen and low NIP ratio. Positive correlation (R=0.81) was observed between the initial slope and AN, implying that AN was high in case of phytoplankton having more active photosynthesis ability under low light. On the other hand, maximum photosynthesis (Pmax) was related positively with chlorophyll a concentration showing correlation coefficient of 0.47. In this study, considering the high primary production through phytoplankton photosynthesis in open waters of Sihwa Constructed Wetland, the produced organic matter by phytoplankton may affect the water quality within wetland and its efficiency of water treatment. Also, the photosynthetic characteristics may be affected by different nutrient enrichment (especially phosphorus) of wetlands. This study suggests that the production by phytoplankton and its characteristics in open water of constructed wetland for water treatment should be considered to improve the removal efficiency of organic matter.