The study presented in this report focuses on water valuation with the objectives of introducing the concept and methods of water valuation, and demonstrating their use through actual application of valuation methods to Turkey’s water resources. As part of the Natural Capital Accounting program, the valuation studies were carried out in the forestry and water sectors. The forestry valuation study was done in 2015. The present study addressed the issue of economic valuation of water in Turkey by: 1) providing a comprehensive analysis of methods that can be used to estimate each water value; 2) reviewing existing efforts to estimate water values at the international and national levels; and 3) applying existing methodology to demonstrate the value of different water uses through a case study in Beysehir Lake subcatchment.