Skeletonema dohrnii is a good model diatom for studying environmental stress and has promising applications and prospects in various fields. Antibiotics and heavy metals are commonly exceeded in the nearshore marine habitats. In this work, we investigated the effects of an antibiotic (penicillin, 2 µg/L) and a heavy metal ion (Zn2+, 10 µmol/L) stress on marine diatom S. dohrnii, mainly using excitation-emission matrices (EEMs) fluorescence methods and OJIP test. Results indicated that algal cells grown with the antibiotic showed higher biomass, specific growth rate, doubling time, chlorophyll a, and chlorophyll fluorescence variables. Moreover, excess zinc had negative effects on S. dohrnii. We found that zinc not only inhibited the relative photosynthetic electron transfer efficiency but also reduced the Chl a content, which ultimately affected algal growth and organic matter production. In addition, the combined effect of penicillin and Zn2+ further affected the physiological state of S. dohrnii. The dissolved organic matter (DOM) characteristics of the four cultures were also different, including fluorescence indices (fluorescence index, biological index, β/α, and humification index) and fluorescence peaks (peaks A, C, M and T). In brief, characterization of chlorophyll fluorescence characteristics and DOM-related variables are important for understanding the effects of environmental stress on microalgae.