The response of the freshwater microalga Chlorella vulgaris to mercuric ion ($Hg^{2+}$) stress was examined using chlorophyll a fluorescence image analysis and O-J-I-P analysis as a way to monitor the toxic effects of mercury on water ecosystems. The levels of photosynthetic pigments, such as chlorophyll a and b and carotenoids, decreased with increasing $Hg^{2+}$ concentration. The maximum photochemical efficiency of photosystem II(Fv/Fm) changed remarkably with increasing $Hg^{2+}$ concentration and treatment time. In particular, above $200{mu}M;Hg^{2+}$, considerable mercury toxicity was seen within 2 h. The chlorophyll a fluorescence transient O-J-I-P was also remarkably affected by $Hg^{2+}$; the fluorescence emission decreased considerably in steps J, I, and P with an increase in $Hg^{2+}$ concentration when treated for 4 h. Subsequently, the JIP-test parameters (Fm, Fv/Fo, RC/CS, TRo/CS, ETo/CS, ${Phi}_{PO}$, ${Psi}_O$ and ${Phi}_{EO}$) decreased with increasing $Hg^{2+}$ concentration, while N, Sm, ABS/RC, DIo/RC and DIo/CS increased. Therefore, a useful biomarker for investigating mercury stress in water ecosystems, and the parameters Fm, ${Phi}_{PO}$, ${Psi}_O$, and RC/CS can be used to monitor the environmental stress in water ecosystems quantitatively.