Water is a valuable resource and a key element in sustainable energy and agriculture production systems. Society is constantly changing, through culture and values, allowing researchers and scientists to study, acknowledge, redefine and anticipate ‘value’ in diverse contexts, sectors, and settings. However, this redefinition process can be a challenging task due to the various perspectives held by diverse stakeholders, researchers, and scientists, including economists, sociologists, anthropologists, and other experts. The general idea in ‘Valuing Water’ is then to identify and acknowledge its worth in multifaceted and often competing use and user domains. Noting that a focus on economics-based valuation of water can increase the imbalance between water demand and the relevance of water availability in supply provisions, it can be presumed that the integration of multiple values in water planning and management systems can offer a balanced perspective toward creating water secure states and communities. Within this context, this chapter presents an overview of changing paradigms in the ‘value’ systems of freshwater resources and reflects on the emerging frameworks and guiding principles that are helping to shape the ‘value based’ proposal for freshwater management. Furthermore, the descriptions of operationalizing these measures are discussed within the realm of multiple sectoral and stakeholder's interests, roles, and responsibilities.