In the past decade, Romania's water and wastewater sector has undergone significant reforms aimed at enhancing efficiency, transparency, and service quality. Key initiatives include the national voluntary benchmarking exercise led by the Romanian Water Association, EU-funded investment projects, the introduction of new economic regulations, and a regulated benchmarking framework by the National Regulatory Authority for Public Utilities (ANRSC). These measures have fostered collaboration, facilitated performance improvement, and promoted the adoption of best practices among operators. The voluntary benchmarking initiative established a detailed national database, enabling operators to develop data-driven action plans. EU-funded programs during the 2007-2013 and 2014-2020 periods resulted in investments exceeding €8.5 billion, driving infrastructure development and underscoring the need for improved asset management systems. Regulatory changes in 2021 expanded ANRSC’s role, enforcing five-year business plans and tariff strategies aligned with cost-benefit analyses to ensure full cost recovery and sustainable investments. The integration of regulated benchmarking with standardized performance metrics has enhanced accountability, operational efficiency, and environmental compliance, aligning Romania’s water services with EU directives. This paper highlights the milestones, challenges, and lessons from these reforms, offering insights for countries aiming to modernize water management systems through strategic regulation and benchmarking.