The plan has seven goals that include making sure water supplies are sustainable.
The province says conservation is critical and could be achieved through pricing strategies.
But the plan adds that new reservoirs, pipelines and canals may also be necessary to meet demand.
Water demand is highest in the southern part of the province because of industrial development such as potash mines.
Other goals include ensuring dams meet water supply and management needs safely and making sure measures are in place to respond to floods or drought.
"We want to ensure there is a sustainable water supply available to support our growth, a healthy environment and our quality of life," Ken Cheveldayoff, minister responsible for the new Water Security Agency, said Monday.
The Water Security Agency will report annually on how the plan is working.