Morocco stands as a compelling case study of a water-stressed nation confronting a deepening crisis. Driven by inherent aridity, climate variability, population growth, agricultural expansion, and the accelerating impacts of climate change, the country's water security is under severe threat. In response, Morocco has progressively established a sophisticated water governance framework designed to navigate these mounting hydrological challenges. This paper provides a comprehensive examination of this evolving system, analyzing its legislative foundations, institutional architecture, and policy instruments, with a specific focus on the landmark Water Law 36-15 and the decentralization of management to basin-level agencies (Agences de Bassin Hydraulique, ABHs) to implement Integrated Water Resources Management (IWRM). Drawing on a synthesis of policy documents, academic literature, and recent empirical studies, our analysis reveals a complex and dualistic governance landscape. On one hand, Morocco has developed a robust legal base and has strategically promoted non-conventional water resources, such as desalination and wastewater reuse, as pillars of its water security strategy. On the other hand, significant implementation gaps persist. Key findings highlight persistent fragmentation across sectors—notably agriculture, energy, and municipalities—and governance scales; critical weaknesses in groundwater management and stakeholder participation; and enduring challenges related to data monitoring and informal water use practices. The paper concludes that bridging the gap between legislative intent and on-the-ground effectiveness is paramount. We thus offer targeted recommendations for enhancing basin-level integrity, fostering cross-sectoral coordination, and strengthening socially inclusive, adaptive governance to build a more resilient and equitable water future for Morocco.