This article places the theorization and analysis of hydro-hegemony in the context of the scholarship on transboundary water conflict and cooperation. We discuss critiques, developments, and debates in this domain over the past 10 years, focusing particularly on the contributions of the London Water Research Group, showing how thinking on the theorization and analysis of hydro-hegemony—and hydropolitics—has moved beyond the state-centricity, the tendency to see hegemony as solely negative, and the conceptually hegemonic potential of hydro-hegemony itself. Various strands of international relations theory (realism, neo-institutionalism, critical theory) have left their mark on the London School. Intense interaction between analysts and pragmatic practitioners is found to invite (or incite) eclecticism as well as promote vibrancy.