Aquatic ecosystems are very sensitive to industrial impacts, and, therefore, it is increasingly important to study the mechanisms underlying the tolerance of aquatic organisms to water pollution. Heavy metals (HMs) are among the most common and toxic pollutants of aquatic ecosystems. They have a particularly strong effect on macrophytes, which are in close contact with the aquatic environment and can accumulate metals in considerable quantities. Hydrocharis morsus-ranae L. is a floating macrophyte (pleistophyte) with a high capacity for accumulation of HMs. The aim of the present study was to assess the effect of industrial pollution on the redox reactions in H. morsus-ranae and to identify the role of low molecular weight antioxidants in adaptation of this macrophyte to unfavorable conditions. A comparative analysis of the physiological and biochemical characteristics of H. morsus-ranae from two (reference and impacted) water bodies was carried out. The study revealed an increased level of lipid peroxidation products in the leaves of H. morsus-ranae under industrial impact, which indicates oxidative stress. Nevertheless, this floating plant demonstrated fairly high resistance to adverse conditions, due to the synthesis of non-enzymatic antioxidants such as proline and soluble protein thiols. Revealing the response of macrophytes to pollution of water bodies will help predict the state of aquatic ecosystems with an increase in anthropogenic pressure.