In order to ensure water sustainability, alarming levels of water scarcity across the globe is a critical issue warranting urgent address. The present study aims to bring to light the perception of farmers regarding water conservation and management practices from the selected five districts of the Haryana region of India. By analyzing the responses of 125 farmers, collected through a self-administered questionnaire, the impact of socio-demographic factors, current irrigation system, and cost-benefit perception of the farmers was studied on water conservation and management practices. Using ordinal regression analysis, the study revealed that the cost-benefit perception of the farmers, viz. willingness to pay an additional price for canal water and an increase in the availability of water due to canal lining, are the major factors responsible for undertaking conservation and sustainability measures. Further, socio-demographic variables such as age and education also influence water conservation behavior. The study recommends vital policy reforms and initiatives for efficient water use and management to resolve the grave concern of scarcity of usable water. The present study is unique in its suggestion of a comprehensive water conservation and management framework.