Abstract: This study comprehensively concluded the water right allocation course of the Colorado River in America and America—Mexico to seize and learn the century-long water right law and the situation of the Colorado River. Each water law focuses remarks on the background, purpose, content, and their relationships. The water right allocation course of the Colorado River demonstrates that the persistence of the water right is assured by the cooperative development of both engineering and non-engineering measures. Meanwhile, natural resources, regional socio-economic development, ecology, and international environment should also be considered. Under the water right treaty framework, flexible market mechanisms can improve water resource efficiency, which is an effective manner in addressing changes in the demand and supply of water resources. The water right allocation of the Colorado River has an important reference value for China in both claiming transboundary river water right and optimizing local water resource management.