The　concept　of　virtual　water　originated　in　Europe　in　1993.　As　a　brand-new　perspective,　the　theory　means　significantly　for　the　expansion　of　our　horizons　on　the　management　of　water　resources.　Building　on　a　systematic　study　of　such　ideas　as　virtual　water,　water　footprint　and　its　measurement,　virtual　water　trade　and　strategy,　this　thesis　is　intended　to　establish　a　sound　understanding　of　the　current　research　developments,　analyze　the　possible　deficiencies　and　put　forward　a　projection　of　the　future　research　direction.　©　Trade　Science　Inc.