Mercury (Hg) enrichment relative to total organic carbon (TOC) in sedimentary records has been widely used as a volcanism proxy. However, the depositional and diagenetic effects on Hg burial are not well understood, limiting the reliability of the proxy. Here, we report a systematic investigation of Hg sedimentation under well‐oxygenated bottom water. Most of the studied cores show total mercury content (THg) to TOC ratio between 50 and 300 ppb/%, including northwest Pacific ODP Site 1208, East Equatorial Pacific ODP Sites 677 and 1241, the Antarctic Zone ODP Site 1094, and East China Sea sediment core EC2005. The consistent THg/TOC ratio confirms the strong coupling between Hg and particulate organic matter (POM) despite large differences in geographic locations, sedimentation rates, TOC content, POM sources, and early diagenetic environments. Nevertheless, the THg/TOC ratio is higher in sediments under well‐oxygenated bottom water than in those under oxygen‐depleted waters, probably as a result of a higher degree of organic matter degradation in oxygenated sediments during early diagenesis. The THg in the high TOC variability section at Site 1208 is abnormally high, resulting in decoupling between Hg and POM. Mercury in this section is still leachable by oxidizing solution and has a similar trend of variability with easily reducible iron content, implying that the metal oxide‐organic matter association might act as Hg bounding phase. We suggest that the enriched Hg is probably supplied by the neighboring high TOC sediment. Therefore, while THg/TOC > 300 ppb/% could be considered as distinct Hg enrichment in sedimentary records, the diagenetic mobilization effect should be first excluded as the possible cause as demonstrated by the records of site 1208. Our study therefore provides new insights into the Hg cycle in the modern ocean and the utilization of Hg enrichment as a volcanism proxy.