There is an unprecedented need to manage our deteriorating water infrastructure systems effectively to mitigate the enormous consequences of their premature failure such as loss of service, money, time, damage to other infrastructure, and damage to property. Most of the water utilities understand this need and are implementing asset management approaches and technologies to increase the overall service life of their assets. However, to indeed achieve sustainable water infrastructure systems, there is a requirement to implement a risk-based asset management program which provides a more comprehensive approach to manage these aging assets. A risk-based asset management program assesses and manages the risk of failure associated with the water infrastructure assets and helps water utilities in prioritizing their assets for renewal. This program identifies the critical assets for renewal and saves the money and time invested in the renewal of 'not so critical' assets. This research incorporates an extensive literature and practice review on risk-based asset management of pipes, valves, and hydrants. The risk-based asset management consist of the following four major components: (1) understanding the deterioration modes and mechanisms, (2) implementing risk assessment and management approaches, (3) implementing condition assessment approaches and technologies, and (4) implementing asset renewal approaches and technologies. This research aims to provide enhanced guidelines based on the EPA 10 step asset management program which will help water utilities in developing a risk-based asset management program as well as in improving their existing asset management program. This research combines the in-depth knowledge gained through a state-of-the-art literature review and practice review. The practice review is conducted to capture the real world application of the risk-based asset management through interviews with the water utilities across the united states. This research has also compiled the knowledge gained by already published case studies to provide a more comprehensive overview of the current practices and trend in the risk-based asset management of drinking water pipelines, valves, and hydrants. / Master of Science