Games like Mermaid Colony
Games like Mermaid Colony include Oxygen Not Included, RimWorld, Cities: Skylines, Prison Architect, and Banished. We matched them by the tags players give Mermaid Colony on Steam (Indie, Simulation, Strategy, Underwater, and Management): closest matches first, and among equally close ones the better-known games.

Oxygen Not Included
Shared: Survival · Building · Management

RimWorld
Shared: Strategy · Survival · Management

Cities: Skylines
Shared: Simulation · Strategy · Management

Prison Architect
Shared: Simulation · Building · Strategy

Banished
Shared: Strategy · Simulation · Indie

Foundation
Shared: Simulation · Strategy · Management

Manor Lords
Shared: Strategy · Simulation · Management

Cities: Skylines II
Shared: Simulation · Building · Management

Jurassic World Evolution
Shared: Simulation · Building · Strategy

Frostpunk
Shared: Strategy · Survival · Building

Against the Storm
Shared: Simulation · Strategy · Building

Jurassic World Evolution 2
Shared: Simulation · Management · Building

Endzone - A World Apart
Shared: Strategy · Simulation · Indie

Kingdoms and Castles
Shared: Simulation · Management · Strategy

Factorio
Shared: Strategy · Sandbox · Management

This War of Mine
Shared: Strategy · Survival · Simulation

Game Dev Tycoon
Shared: Simulation · Indie · Management

Dwarf Fortress
Shared: Simulation · Strategy · Management

Two Point Hospital
Shared: Simulation · Management · Building

Planet Coaster
Shared: Simulation · Management · Building

Tavern Master
Shared: Simulation · Management · Indie

Workers & Resources: Soviet Republic
Shared: Strategy · Simulation · Building

Project Highrise
Shared: Simulation · Management · Strategy

Ostriv
Shared: Simulation · Strategy · Management