Following the successful passage of the National Water Supply and Sewerage Act in December 1986, Water PNG Limited commenced operations on 1 January 1987 as The Waterboard.

It had a name change to Water PNG, officially announcing this on December 10, 2010 at the Gateway Hotel in Port Moresby. Water PNG then became corporatised on 31st March 2017 and was renamed Water PNG Limited, by virtue of the National Water Supply and Sanitations Act 2016