In　this　study,　an　inexact　two-stage　stochastic　downside　risk-aversion　programming　is　developed　for　regional　industrial　water　resources　allocation　under　considering　system　return-risk　and　various　environment　control　strategies.　In　the　model,　interval-parameter　programming,　two-stage　stochastic　programming,　and　downside　risk　measure　are　introduced　into　an　integrated　framework　for　reflecting　the　complexity　and　uncertainty　of　industrial　system,　and　avoiding　the　expected　revenue　risk.　The　method　could　not　only　reflect　industrial　water　resources　allocation　characteristic　among　multiple　users　and　suppliers,　but　also　provide　an　effective　linkage　between　economic　cost　and　the　system　stability.　The　model　is　applied　to　a　real　case　of　industrial　water　resources　allocation　management　in　Chongqing　city,　China,　where　regional　industrial　system　has　faced　with　lots　of　difficulties　and　complexities　in　water　resources　utilization　and　water　environmental　protection.　The　impact　of　pollutants　emission　reduction　and　risk-aversion　attitude　on　water　resources　allocation　for　different　industry　sectors,　system　benefits,　and　pollutants　emissions　were　analyzed.　The　results　indicated　that　the　total　pollutants　emission　amount　control　and　the　expected　revenue　risk　can　be　used　as　effective　measures　for　regional　industry　structure　adjustment　from　terminal　environmental　and　macro-economic　perspective.　The　model　has　a　significant　value　for　regional　industrial　water　optimization　allocation　under　uncertainty　to　achieve　the　maximum　economic　benefits　and　the　effective　utilization　of　multiple　water　resources.　(C)　2018　Elsevier　Ltd.　All　rights　reserved.