Facing structural water stress exacerbated by climate change, Morocco must rethink its water governance model. This study proposes an international benchmarking analysis comparing the Moroccan system with four countries confronting similar climatic constraints: Spain, Australia, Tunisia, and Jordan. The benchmarking is conducted using a multi-criteria governance framework combining institutional, regulatory, and performance indicators, based on official national reports, international databases, and the peer-reviewed literature; the reference countries were selected due to comparable levels of water stress, arid or Mediterranean climates, and the implementation of documented water governance reforms. Despite undeniable achievements, such as an extensive dam policy and widespread access to drinking water (94% in rural areas), Moroccan governance reveals structural deficiencies, including the inactivity of the Supreme Water and Climate Council, limited autonomy of basin agencies, weak enforcement of Laws 10-95 and 36-15, and underutilization of non-conventional resources. The comparative analysis highlights improvement levers inspired by international best practices: Spain’s autonomous Hydrographic Confederations coordinated by the Ministry for Ecological Transition; Australia’s Murray–Darling Basin Authority and innovative water markets combining desalination with integrated demand management, with documented reductions in agricultural water consumption reaching up to 35–40% in certain sub-basins; Tunisia’s National Water Observatory and demand control through the National Water-Saving Program in Irrigation; and Jordan’s Ministry of Water and Irrigation framework for cooperative transboundary water resource management. The results indicate a substantial potential for additional water mobilization in Morocco through ten priority recommendations: revitalizing the Supreme Water and Climate Council, strengthening the autonomy of basin agencies, updating legislative frameworks (Laws 10-95 and 36-15), diversifying resources through desalination and wastewater reuse, deploying water-saving technologies at scale, enforcing the polluter-pays principle, promoting public–private partnerships, adopting progressive tariff systems, and strengthening climate resilience mechanisms.