Hg2+ poses a great threat to human health and the environment due to its bioaccumulation and permanent damage. Herein, a reversible CHEF-based near-infrared fluorescent probe 2-(3-((E)-4-((E)-4-(diethylamino)-2- hydroxybenzylidene)amino)styryl)-5,5-dimethylcyclohex-2-en-1-ylidene)propanedinitrile (DHEY) capable of specifically recognizing Hg2+ was constructed. DHEY exhibits advantages of large Stokes shift (157 nm), excellent selectivity, high sensitivity (LOD = 3.2 μg/L), and fast response efficiency (<3 min). Interestingly, DHEY can also realize rapid and effective detection of Hg2+ after being recycled 7 times. The successful recovery of trace Hg2+ in different environmental water samples fully demonstrates the potential of DHEY for actual applications. In particular, DHEY enables real-time observation of the distribution and translocation pattern of exogenous Hg2+ in HeLa cells and zebrafish. This work provides important theoretical support for investigating the fate of heavy metal ions in the environment using fluorescence techniques.