Monitoring open water bodies accurately is an important and basic application in remote sensing. Various water body mapping approaches have been developed to extract water bodies from multispectral images. The method based on the spectral water index, especially the Modified Normalized Difference Water Index (MDNWI) calculated from the green and Shortwave-Infrared (SWIR) bands, is one of the most popular methods. The recently launched Sentinel-2 satellite can provide fine spatial resolution multispectral images. This new dataset is potentially of important significance for regional water bodies' mapping, due to its free access and frequent revisit capabilities. It is noted that the green and SWIR bands of Sentinel-2 have different spatial resolutions of 10 m and 20 m, respectively. Straightforwardly, MNDWI can be produced from Sentinel-2 at the spatial resolution of 20 m, by upscaling the 10-m green band to 20 m correspondingly. This scheme, however, wastes the detailed information available at the 10-m resolution. In this paper, to take full advantage of the 10-m information provided by Sentinel-2 images, a novel 10-m spatial resolution MNDWI is produced from Sentinel-2 images by downscaling the 20-m resolution SWIR band to 10 m based on pan-sharpening. Four popular pan-sharpening algorithms, including Principle Component Analysis (PCA), Intensity Hue Saturation (IHS), High Pass Filter (HPF) and à Trous Wavelet Transform (ATWT), were applied in this study. The performance of the proposed method was assessed experimentally using a Sentinel-2 image located at the Venice coastland. In the experiment, six water indexes, including 10-m NDWI, 20-m MNDWI and 10-m MNDWI, produced by four pan-sharpening algorithms, were compared. Three levels of results, including the sharpened images, the produced MNDWI images and the finally mapped water bodies, were analysed quantitatively. The results showed that MNDWI can enhance water bodies and suppressbuilt-up features more efficiently than NDWI. Moreover, 10-m MNDWIs produced by all four pan-sharpening algorithms can represent more detailed spatial information of water bodies than 20-m MNDWI produced by the original image. Thus, MNDWIs at the 10-m resolution can extract more accurate water body maps than 10-m NDWI and 20-m MNDWI. In addition, although HPF can produce more accurate sharpened images and MNDWI images than the other three benchmark pan-sharpening algorithms, the ATWT algorithm leads to the best 10-m water bodies mapping results. This is no necessary positive connection between the accuracy of the sharpened MNDWI image and the map-level accuracy of the resultant water body maps.