If water is essential to life, does this mean that water has infinite value? If water is so clearly linked to our economic and social welfare, then how can water be priced so much lower than gems and precious metals that, while aesthetically pleasing, ultimately have no bearing on our ability to sustain life? This report provides some insights on these questions by examining the value of water. The objectives of this project were to describe the concept of the 'value' of water, offer insights on methods used to estimate this value, review what past studies reveal about the value of water, and illustrate how water values can be used to inform water utility and water resource management decisions.