Wealth Accounting and Valuation of Ecosystem Services (WAVES) is a global partnership that uses natural capital accounting to mainstream naturalcapital considerations into economic policy. Natural capital accounting helps to underscore the contribution of natural resources to the environment as well as highlight the impact of the economy on the environment. It is for this reason that the Government of the Republic of Zambia became part of the global WAVES program supported by the World Bank. This report represents the first ever attempt at producing water accounts for the Republic of Zambia, following the System of Environmental Economic Accounting. Water accounts consisting of physical and monetary supply and use tables covering the period 2010 to 2016 were produced. The Water Accounts produced came as the result of the World Bank supporting Zambia via the Wealth Accounting and Valuation of Ecosystem Services (WAVES). The report is a culmination of efforts by many people and agencies, and also took into account stakeholder reviews.