In a warming world, urban environmental stresses are exacerbated by population-increase-induced development of grey infrastructure that usually leaves minimal scope for blue (and green) elements and processes, potentially resulting in mismanagement of stormwater and flooding issues. This paper explores how urban growth planning in the megacity of Dhaka, Bangladesh can be guided by a blue-green infrastructure (BGI) network that combines blue, green, and grey elements together to provide a multifunctional urban form. We take a three-step approach: First, we analyze the existing spatial morphology to understand potential locations of development and challenges, as well as the types of solutions necessary for water management in different typologies of urban densities. Next, we analyze existing and potential blue and green network locations. Finally, we propose the structural framework for a BGI network at both macro and micro scales. The proposed network takes different forms at different scales and locations and offers different types of flood control and stormwater management options. These can provide directions on Dhaka’s future urban consolidation and expansion with a balance of man-made and natural elements and enable environmental, social, spatial, financial, and governance benefits. The paper concludes with some practical implications and challenges for implementing BGI in Dhaka.