We introduce an understanding of silver (Ag) inkjet overlap-printing characteristics from the viewpoints of cohesion between ink droplets and adhesion between an ink droplet and a surface. The printing characteristics were closely monitored by changing the surface energy to elucidate the effect of adhesion and cohesion on printing instability, such as droplet merging and line bulging. The surface energy of the substrate was changed through the hydrophilization of a hydrophobic fluorocarbon-coated surface. The surface energy and ink wettability of the prepared surfaces were characterized using sessile drop contact angle analysis, and printing instability was observed using an optical microscope after drop-on-demand inkjet printing with a 50% overlap in diameter of deposited singlet patterns. We found that the surface energy is not an appropriate indicator based on the experimental results of Ag ink printing on a hydrofluoric-treated silicon surface. The analytical approach using adhesion and cohesion was helpful in understanding the instability of the inkjet overlap-printing, as adhesion and cohesion represent the direct interfacial relationship between the Ag inks used and the substrate.