AbstractIn this study, we use Pleiades satellite stereo imagery to map shallow‐water bathymetry specifically for the purpose of assessing tsunami hazard in coastal regions. In order to calculate the refraction correction factor, we independently measure the refractive indices of seawater mixed with a variety of phytoplankton, which was previously unquantified. We find that the refractive index of seawater increases with cell density of phytoplankton, ranging from 1.3410 to 1.3425. Through rigorous error analysis, we demonstrate that the change in refraction due to heterogeneous distribution of phytoplankton is negligible, suggesting that the technique is applicable to the global ocean. Using the Penghu Islands as a case example, we show that photogrammetric bathymetry is able to reveal tsunami impacts more accurately and reasonably than the commonly used General Bathymetric Chart of the Oceans data, highlighting the importance of high‐resolution and high‐accuracy bathymetry for tsunami hazard assessment.