This study presents a review of the state-of-the-art literature on water pipe failure predictions, assessment of water losses risk, optimal pipe maintenance plans, and maintenance coordination strategies. In addition, it provides a categorization of water main (WM) failures as well as a taxonomy of WM maintenance strategies. In particular, predictive and prescriptive analytics are highlighted with the investigation of their contributions and drawbacks from methodological and application perspectives. This review aims at providing a review of failure analytics developed recently in water mains domain either for prediction of failure or identification of optimal maintenance strategies conjointly. Future research directions and challenges are elaborated in advancing the understanding about the mechanisms leading to failures. The existing gaps between theory and practice in managing assets across water distribution networks ensuring cost-effectiveness and reliability are discussed. As knowledge about the state of the water mains and related areas is crucial, thus, this review provides an state-of-the-art update from recent studies, and accordingly, presents and discusses avenues for future research.