Water plays a very important part in the social, economic and cultural life, and the religious belief of the people of the Mekong region. Challenges faced by Mekong Basin countries in their endeavours for economic development are increasingly related to water. The Mekong River with its length of over 4,800 km is one of the longest and largest rivers in Asia, and supports very productive and diverse fresh water ecosystems in the world, second only to the Amazon. Its flows through 6 countries - China, Myanmar, Lao PDR, Thailand, Cambodia and Viet Nam - before reaching the South China Sea. Transboundary nature of the Mekong River resources requires regional solution. The paper attempts to search for that solution from the management and institutional perspective. The analysis will follow along the line of the argument that water crisis is mainly a crisis of governance, and for the water issues of regional magnitude like the one in the Mekong Basin, requires a more integrated and comprehensive solution to it. The need for a search for "the most appropriate regional institution for improved regional governance for the Mekong River Basin" must be raised further especially among those decision-makers in the governments, international organizations and programmes concerned, and other major stakeholders.