Water scarcity and sustainability are main current concerns affecting billions of people worldwide. Apart from policies designed to guarantee water supply, technologies and procedures have been developed to optimize the uses of water and water recycling as well as to minimize water scarcity. Among these technologies, those based on the use of bioinspired fibres, membranes, nanomaterials, liquid-liquid extraction methods using ionic liquids or approaches involving plants or microbes have been successfully carried out. One of the main problems associated with most of these technologies is the high cost of their implementation and maintenance. Consequently, other cheaper strategies have been explored, such as the use of shade covers. The objective of this work is to summarize the most recent findings on the use of shade covers (suspended shade cloth covers and shade objects) on water reservoirs, mainly agricultural water reservoirs (AWRs). Reflections on the investment-benefit relationship of this technological proposal are also herein discussed. Apart from traditional shade cloth clover, more recently, other covers like shade balls/squares/hexagons (shady objects) have also been proposed as promising approaches to save water and keep its quality. However, the manufacturing of shady objects, mainly made of polyethylene plastic, results in: (i) high cost (high energy cost and use of raw materials like crude oil and natural gas); (ii) significant production of residues, and (iii) visual environmental pollution. The main conclusion reached from this review is that the controversy over the use of shade covers continues in the spotlight of scientists, water managers, and related companies; although this approach saves water and prevents water quality deterioration, a large number of recalcitrant residues are produced, not only during their production, but also when they must be replaced due to deterioration.