Water Sources Diagram (WSD) has proved to be one of the most efficient methods to reduce industrial freshwater consumption and to provide a minimum amount of wastewater to be treated. Different types of industry have been benefited from the use of this technique, which resulted in great savings in the design of the effluent treatment systems. Among the successful case studies, we mention herein applications in systems with wastewater treatment, thermal and water plants’ integration, oil refineries, petrochemicals, batch processes, pulp and paper plants, and textile plants. The degree of WSD maturity motivated researchers to not only improve WSD algorithms, but also extend the concept of the Sources Diagram to Source/Sink types of process. This paper presents a background of WSD progress as well as insights into future perspectives using the Sources Diagrams’ concept.