The article discusses the issue of smart specializations treated as a significant mechanism stimulating innovative development of water and wastewater economy. The article shows the links between the developing of smart specializations and the possibility of development innovative, research and development of the economy. The aim of the article is to present the meaning of the concept of smart specialization in the development of innovative water and wastewater economy at the national level and on the example of the Silesian Region. To achieve the goal, the theoretical assumptions of the concept of smart specialization were also presented. In particular, the article emphasizes the need for cooperation, establishing partnerships for the development of smart specializations that contribute to solving problems and increasing the competitiveness of EU countries and regions.