Sri Lanka is renowned as a nation that witnesses no or less water scarcity compared to other countries; nevertheless, it has the threat to be water-scarce in the future due to the changes in seasonal rainfall, groundwater depletion, water pollution, and mismanagement. Therefore, water scarcity is an imminent phenomenon that will be prevalent in Sri Lanka if it is not appropriately addressed. This study reviewed the status of water scarcity in Sri Lanka and identified the causes of the situation. Further, the study assesses the mitigation interventions made for rising water scarcity in Sri Lanka. Moreover, amending or developing legislation, incorporating multidisciplinary assistance, assessment of efficiencies in relevant bodies, and increasing awareness of the importance of safeguarding water in mitigating future water scarcity are suggested and discussed.