The Brazilian Water Act was established in 1997 through the Federal Law 9433. This law represented the turning point for water management in Brazil defining its National Water Resource Policy and the National Water Resource Management System (SINGREH). Water as a public good with economic value and public participation are some of the principles defined by the Brazilian Water Act. There are three scales for water planning: national, state (since Brazil is a federation), and basin scales. The SINGREH is composed of institutions designed for implementing water management at these scales. As the country is so vast and diverse, the level of water management implementation varies a lot. Although much progress has been achieved, there are still huge challenges to be overcome by the Brazilian Water Policy and adjustments must be faced in order to better achieve effectiveness and efficiency. The decentralized and participatory approach chosen by the country in 1997 still represents, 20 years after, a difficulty and an opportunity for improving water governance in Brazil.