A water treatment agent with antimicrobial activity(Ag-Os) was created by exchanging silver ion($Ag^{+}$) on calcined oyster shell powder. The desorption of the exchanged silver ion was negligible, thereby indicating a stable antimicrobial water treatment agent. The sterilization effect of Ag-Os on underwater microorganisms was then investigated. An MIC (Minimum Inhibitory Concentration) test result indicated that Ag-Os had an excellent sterilization effect on G-germs, such as Escherichia coli and Pseudomonas aeruginosa. Most germs were annihilated with an Ag-Os concentration of 200 ppm and contact time of 60 minutes. The sterilization effect was mainly dependent on the contact time. The zeta potential of the Ag-Os powder adsorbed on sand was measured relative to the concentration of exchanged silver ion. As the concentration of the exchanged silver ion increased, the surface charge density of the anions on the surface of the Ag-Os powder adsorbed on sand also increased. Accordingly, this result indicated that a higher silver ion than ion exchange capacity was present on the particle surface due to adsorption. Consequently, this increased concentration of exchanged silver ion would appear to significantly enhance the sterilization power.