Water Scarcity is one of the biggest challenges across the world. As per the US Geological Survey, the water layer is getting depleted at a very fast pace. The factors like groundwater extraction, climatic changes, rapid growth in population, industrialization, deforestation, and existing water infrastructure are some of the major loci which contribute significantly to the depletion of water. In this comprehensive study, the authors present how the integration of smart Internet of Things (IoT) sensors can be helpful in providing an effective solution for safeguarding water resources. This study presents an extended examination of the existing methodologies used to manage water resources and how the integration of Smart IoT (Internet of Things) Sensors can be beneficial in the conservation of water. This chapter also presents a detailed comparative analysis of various IoT sensors on the basis of parameters like real-time monitoring, leak detection and prevention, optimization of water usage, predictive analytics, data-driven decision-making, etc. This chapter also presents an in-depth performance analysis which has been conducted based on the past study and how the outcomes with Smart IoT-equipped sensors have improved the traditional paradigm has been discussed.