Mitigating acid mine drainage (AMD) at its source, specifically within rocks containing pyrite in underwater environments, poses a significant environmental challenge worldwide. Existing passivation techniques are primarily designed for open-air conditions, involving direct contact with coating materials at a solid–liquid interface, making them ineffective beneath a water barrier. In this study, we introduce a novel passivation method inspired by the design of underwater bio-adhesives. Tannic acid (TA) combined with polyethylene glycol (PEG) was employed to form a hydrophobic film directly on the pyrite surface, overcoming water resistance and addressing the limitations of current techniques. Electrochemical experiments and chemical leaching experiments were conducted to evaluate the oxidation resistance of the passivating films. TA–PEG-coated pyrite exhibited a lower oxidation rate and a higher static contact angle of 126.2°, achieving suppression efficiencies of 71.6% for total Fe release and 68.1% for total S release. A comprehensive characterization approach, including scanning electron microscopy (SEM), Fourier transform infrared spectroscopy (FTIR), Raman spectroscopy, and X-ray photoelectron spectroscopy (XPS), was employed to investigate the passivation mechanism. The results of this study may provide new insights into the preparation of simpler and greener passivating agents to suppress pyrite oxidation at its source in underwater environments.