Makhana (Euryale ferox Salisb.), commonly known as fox nut, has emerged as a nutritionally rich superfood with deep cultural roots in Indian tradition, particularly in the Mithilanchal region of Bihar. As an aquatic crop belonging to the family Nymphaeaceae, makhana thrives in stagnant water bodies and offers a unique combination of agronomic adaptability, socioeconomic relevance, and health benefits. This chapter explores the multifaceted dimensions of makhana—from its botanical characteristics and ecological requirements to traditional cultivation practices, postharvest processing, and evolving market dynamics. The crop’s edible seeds are puffed into white kernels that are low in fat, gluten-free, and rich in protein, complex carbohydrates, and essential minerals. Scientific research has substantiated several health-promoting properties of makhana, including its potential for weight management, cardiovascular support, glycemic control, and antioxidant activity. Its culinary versatility further enhances its appeal, with applications ranging from traditional sweets and curries to modern flavored snacks and health products. Despite its growing popularity, makhana production faces critical challenges such as labor-intensive harvesting, lack of mechanization, and postharvest losses. However, concerted efforts in research, government support, and innovations in value addition are paving the way for improved productivity and market access. This chapter underscores its journey from a traditional aquatic plant to a globally acclaimed “Super Snack from Water.”