Due to the sharp increase in global industrial production, as well as the over-exploitation of land and sea resources, the quality of drinking water has deteriorated considerably. Furthermore, nowadays, many water supply systems serving growing human populations suffer from shortages since many rivers, lakes, and aquifers are drying up because of global climate change. To cope with these serious threats, smart water management systems are in great demand to ensure vigorous control of the quality and quantity of drinking water. Indeed, water monitoring is essential today since it allows to ensure the real-time control of water quality indicators and the appropriate management of resources in cities to provide an adequate water supply to citizens. In this context, a novel IoT-based framework is proposed to support smart water monitoring and management. The proposed framework, named SmartWater, combines cutting-edge technologies in the field of sensor clouds, deep learning, knowledge reasoning, and data processing and analytics. First, knowledge graphs are exploited to model the water network in a semantic and multi-relational manner. Then, incremental network embedding is performed to learn rich representations of water entities, in particular the affected water zones. Finally, a decision mechanism is defined to generate a water management plan depending on the water zones’ current states. A real-world dataset has been used in this study to experimentally validate the major features of the proposed smart water monitoring framework.