This paper makes an overview of the organizational field of waters in Brazil, in order to identify the roots of its peculiarities. We adopted the historiographical review as analytical method, following the efforts of the movement for more history in Organizational Studies. Therefore, the landmarks pointed out in our review were evaluated from the prevailing conception of each season. In this sense, we reveal distinct conceptions of water: as an abunudat and inexhaustible reource, a strategic issue for industrialization, an exclusive resource in charge of Federal Administration, and a good with multiple use and interests.