Accurate quantification of evapotranspiration (ET) and its bifurcation into productive transpiration (T) and unproductive evaporation (E) are essential for the successful implementation of sustainable irrigation practices. This study compares the performances of three distinct methods for partitioning ET into E and T fluxes from flood‐irrigated rice fields. These methods include: i) the FAO dual Kc‐ETo model, which utilizes Penman–Monteith (PM) estimates of reference ET and crop‐specific scaling factors; ii) the Priestley‐Taylor (PT) method, which relies on radiation‐driven energy balance at the canopy surface; and iii) the flux variance similarity (FVS) method, which utilizes high‐frequency eddy covariance (EC) measurements of carbon and water vapour fluxes. Meteorological, phenological and hydrological parameters were monitored over two winter seasons in a paddy field, replicating site‐specific management strategies. The cumulative ETs obtained from the PM, PT and FVS methods were 445 mm, 300 mm and 356 mm, respectively, for season 1 and 428 mm, 321 mm and 375 mm, respectively, for season 2. The accuracy of the ET estimation and partition methods was assessed against independent measurements of ET and E using a lysimeter and a microlysimeter. The results demonstrated that the EC‐based FVS method offers superior accuracy in both quantifying (R2 = 0.67, RMSE = 0.70 mm) and partitioning (R2 = 0.51, RMSE = 0.76 mm) ET fluxes, followed by the PM‐based FAO dual Kc‐ETo and PT methods. Evaporation accounted for 29 ± 5% of consumptive water use, highlighting an opportunity for the implementation of water‐saving strategies, particularly during vegetative and transplantation stages. The findings of the path analysis indicate that vegetative and radiation factors influence ET variation, while meteorological and soil factors significantly impact T variation.