The present article concentrates on the so-called water law concepts. As regards water law concepts, the article especially deals with the challenges of the Hungarian water management. The article has five main chapters. In the first chapter, the author focuses on the basis of the water law concepts, namely on natural, social and engineering sciences, furthermore, the author also determines the legal instruments which are able to provide proper links among the different water law concepts. The further four chapters analyse the water law concepts one by one; i.e. (a) ruling over waters, (b) water as an environmental component, (c) water as the subject of commercial deals (good or service), (d) water as cause of damage a.k.a. defence against water.