As it is known, the water law regulates dynamic social relationships concerning study, usage and protection of water objects, as well as their transformation. The water law explicitly regulates water economic activities. The regulatory method of the water law has a mixed nature and thus is not distinctive. It predetermines in some cases equality and independence of subjects of relationships (water usage agreement) and in other – power and submission (permissive nature of water usage). The aim of the publication is to promote scientific ideas about the fate of the water law in order to make a further polygonal and productive discussion in which the reader is invited to participate. Scientific novelty. In 2016 the monograph of D.O. Sivakov “Water law: dynamics, problems, perspectives: monograph” (second edition, reviewed and updated. Moscow: Stolitsa, 2016. 540 p.) was published. In 2017 the author reconsidered some conclusions of his monograph and applied scientific achievements of theory of state and law in water sphere. In accordance with this, it is important to mention research of Petrov D.E. related to issues of differentiation and integration of structural formations of Russian legal system. The scientific novelty of the article includes the synthesis of ideas of the monograph and some achievements of theory of state and law. Methods of research. The author of the article relies on some collective and individual monographic studies in the sphere of theory of state and law, natural resource law, arctic law, financial law. Basic results of research. The author promotes the model of responsible water usage. This model shall be based not on the unstable balance of economic and environmental interests (which shall practically lead to the domination of economic interests), but on the obligatory combination of economic activities with technologies, ensuring maximal preservation of water resources. Responsible water usage shall mean a system of social relationships, regulated by the international and national law, on scientifically based exhaustless usage of various water objects aimed at achievement and support of maximal level of economic re-equipment with resource-saving technologies. In the process of application of this model in the Russian Federation the author inspects some obstacles and outlines them in detail. In particular, an objective issue of application of this model is a low degree of structural formations (combinations of legal norms that have different value) as well as the lack of measures, methods and processes of water law regulation. In the end of the article the author makes a final conclusion – a forecast of how the Russian water law should exist, it should: – combine sophisticated differentiation of its structural formations (legal status of subjects of reservoir management and their cascades, legal mechanism of basin agreements) and integration of these elements at the same time; – have a harmonized combination of various approaches, methods, means and processes of regulation, aimed at ensuring resource saving, i.e. water saving nature of Russian economy; – create a competitive environment between water users (including ensuring competition of economic subjects, gaining water usage rights) and lower monopoly and corruption risks in the sphere of water economy as far as possible. Moreover, it is necessary to introduce the principle “Water pays for water” in Russia: funds from the water usage shall be distributed on the study, protection and recovery of the Russian water fund. Finally, the water law shall encourage not a wasteful, but an inexhaustible water usage. Scope of application of the results: theory and practice of natural resource and nature protection law, legal education. Conclusions, ideas, conceptualizations, outlined in the article, can assist transition of Russian water economy on grounds of intensive development versus extensive development, which prevails nowadays.