This study investigates the water productivity of three rice genotypes in physical, economic and virtual water terms through different irrigation and fertilizer treatments. The experiment was conducted in 2017 and 2018 in split plot designs based on a randomized complete block design with three replications. The main factors include irrigation regimes: flood irrigation of I1 and alternate irrigation treatments of I2, I3 and I4 that involve alternate irrigation with irrigation intervals of 7, 14 and 21 days, respectively. The subfactors include different rice genotypes at three levels of certified local Hashemi, M5 and M12 genotypes at three levels of nitrogen fertilizer of 60, 80 and 100 kg N/ha1. Results showed that the certified Hashemi variety with the 7‐day irrigation interval and 100 kg N/ha1; treatment showed satisfactory physical water productivity (being 1.41 and 1.01 kg/m3 in 2017 and 2018, respectively), and also the highest net benefit per drop (being 31 200 and 29 800 rials/m3 in 2017 and 2018, respectively). According to the results of this study, using alternate irrigation at the 7‐day irrigation interval would save 285 million m3 of water in the Sefidroud irrigation and drainage network.