Mercurial Water — the aqua mercurialis, aqua permanens, or divine water of the alchemical tradition — occupies a commanding position in the depth-psychology corpus as one of the most polyvalent and psychologically resonant arcana of the opus. The term designates not ordinary quicksilver nor common water but a philosophical substance of paradoxical constitution: simultaneously the solvent that kills and the vivifying principle that resurrects, the prima materia from which the work begins and the ultima materia toward which it tends. Abraham’s lexicographic work establishes the range of synonyms — fountain, sea, stream, virgin’s milk, poison, fiery water, water of life — each alias illuminating a different functional face of the same arcane substance. Jung reads the aqua mercurialis as a totality image, a symbol for the self insofar as it encompasses and reconciles opposites: it is ‘the whole in all things,’ as Zosimos declares. Von Franz situates it within the paradox of Mercurius more broadly, noting its life-giving yet destructive character as an aspect of the divine water. Edinger traces its phenomenology in clinical dream-material. The central tension in the corpus runs between the lexical-historical reconstruction of Abraham and the psychological-symbolic interpretation of Jung, von Franz, and Edinger: the former catalogues the term’s imagery, the latter extracts its depth-psychological significance as a projection screen for transformation and individuation.