Managing risks in the water sector is necessary to alleviate damage and the consequences of natural disasters such as flooding and drought, and to increase agricultural production to ensure food security for the country. This paper presents a risk management framework in Thailand for the sustainable development of water resources by taking flood and drought risks and climate change into account in the policy planning process. Then, regional and sub-regional spatial strategies can be identified to ensure that the risks do not increase and to prevent redundant investments. As a result, suitable policies and local measures based on each type of local risk can be chosen.