As a downstream region, Iraq was ranked among the richest Middle Eastern countries with regards to water resources. The world witnessed the emergence of a magnificent ancient civilization that largely relied on agriculture with extraordinary irrigation systems. However, during the last decade, Iraq began to suffer dramatically from inadequate water shares, desertification, and several other environmental issues due to the absence of proper resource management and, not least, various political conflicts. Numerous global water wars, particularly ones involving developing countries, reflect the importance of water shares and potential demand for water. Iraq, Turkey, and Syria, riparian watercourse countries, have engaged in a long-term water dispute that continues to yield no end through mutual agreement. This present work highlights the major events of this dispute, evaluates the causes and current water challenges, and provides a comprehensive solution through the establishment of the Iraqi Water Security Council.