Self-supervised learning is an emerging machine learning paradigm. Compared to supervised learning which leverages high-quality labeled datasets, self-supervised learning relies on unlabeled datasets to pre-train powerful encoders which can then be treated as feature extractors for various downstream tasks. The huge amount of data and computational resources consumption makes the encoders themselves become the valuable intellectual property of the model owner. Recent research has shown that the machine learning model's copyright is threatened by model stealing attacks, which aim to train a surrogate model to mimic the behavior of a given model. We empirically show that pre-trained encoders are highly vulnerable to model stealing attacks. However, most of the current efforts of copyright protection algorithms such as watermarking concentrate on classifiers. Meanwhile, the intrinsic challenges of pre-trained encoder's copyright protection remain largely unstudied. We fill the gap by proposing SSLGuard, the first watermarking scheme for pre-trained encoders. Given a clean pre-trained encoder, SSLGuard injects a watermark into it and outputs a watermarked version. The shadow training technique is also applied to preserve the watermark under potential model stealing attacks. Our extensive evaluation shows that SSLGuard is effective in watermark injection and verification, and it is robust against model stealing and other watermark removal attacks such as input noising, output perturbing, overwriting, model pruning, and fine-tuning.