Increasing demand on limited water resources calls for more efficient and improved approaches to maximize the benefits of water use. Typically, agricultural water use has the largest share among all water use sectors. Therefore, finding the best agricultural water management alternatives to maximize profit and reduce financial and other related risks under limited water availability is essential. Treated wastewater is an important alternative source of agricultural water which has the potential to reduce the stress on freshwater sources from urban and industrial sectors. Thus, further research on optimal agricultural water management is needed to find the best management alternatives that address profitability, reduce stress on freshwater supplies, and related risks by considering the potential use of treated wastewater when available.