We examined the relationship between individual-level and population-level effects of toxic chemicals, employing the equilibrium population size as an index of population-level effects. We first analyzed twostage matrix models considering four life-history types and four density-dependent models, and then we analyzed ecotoxicological and life-history data of the fathead minnow (Pimephales promelas) and brook trout (Salvelinus fontinalis) as real examples. Our elasticity analysis showed that toxic impacts on density-dependent populations depended largely on the differences in density-dependence and in life histories of the organisms. In particular, the importance of adult survivability was considerably increased in iteroparous organisms with density-dependent juvenile survivability or fertility. Our results also suggested that population-level effects, as indicated by the percentage reduction in equilibrium population size, were often greater than the percentage reductions in vital rates of individuals. Our analysis indicates that assessing population-level risk and developing a risk-reduction strategy without considering density-dependence can be risky.