More so than for other countries, the management of China's water resources is an important aspect of its policy and politics, yet existing scholarly attempts to understand this importance are scattered among a wide range of sub-literatures that lack a unifying theoretical framework. This article attempts to identify common themes and features of the relationship between water, politics and governance in contemporary China by examining how this relationship has unfolded in historical perspective. It identifies three basic objectives that have shaped the politics and governance of China's water resources over time: legitimacy, economic development and environmental sustainability. These objectives map, though imperfectly, onto different periods in the history of the People's Republic of China, thereby highlighting how they have evolved. Together, these objectives explain policies towards, and the politics of, water resources in contemporary China. This understanding shows that water both shapes and reflects Chinese politics, and highlights the need for a theoretically coherent sub-literature on Chinese water policy and politics.