Water is a key factor in attaining the Sustainable Development Goals (SDGs) of poverty elimination and hunger eradication. The regions of sub‐Saharan Africa (SSA) and South Asia (SA) are stricken with absolute poverty, with 70% of the world's poor. These regions are mainly dependent on agriculture for their livelihood. Diverse rural livelihoods in SSA and SA demand water interventions with more fruitful and effective outcomes in terms of poverty reduction. Existing water resources are not yet fully exploited in SSA and SA as these regions have a significant potential of 43 and 169 million ha, respectively, for irrigated agriculture through various water interventions. Various water interventions to alleviate poverty through better agricultural productivity across SSA and SA have been identified in this study. Major water intervention options identified include actions to: improve rain water management in rain‐fed agriculture, facilitate community‐based small‐scale irrigation schemes, development and management of groundwater irrigation, interventions to upgrade and modernize existing irrigation systems, facilitate and improve livestock production and promote multiple uses of water. Investment in these water interventions will certainly help to break the poverty trap across diverse rural communities of SSA and SA.