In the era of the Anthropocene and climate change, hydrological extremities in the form of floods and droughts have been exacerbated worldwide. Naturally, water resource management has become imperative before the planners and stakeholders for the sustainability of society, economy, and environment. The Damodar Fan Delta (DFD) exhibits severe floods in its southern part and is hence often called the ‘Sorrow of Bengal,’ while it also portrays the water-stressed conditions in the northern part, especially in the lean months (January–May). Thus, these extreme hydrological characteristics of the DFD attracted researchers and planners to be inquisitive about these phenomena and their remedies for socio-economic development. Thus, in this chapter, major findings are stated to mention the future speculations of climate change, population increase, and scarcity of water resources. Finally, the scope and limitations of palaeochannel-based water resource management are critically assessed.