Climate change is causing the alteration of atmospheric dynamics, leading to extreme precipitation events and floods. On the other hand, landscape modification and increased imperviousness due to urbanization exacerbate the impacts of flooding. In order to become more permeable, cities are increasingly embracing aquatic Nature-based Solutions which, using natural processes, allow for the mitigation of water-related hazards. One of these solutions is floodable parks, where pluvial runoff is conveyed for its temporal storage into, firstly, permanent retention ponds and, eventually, the partial or totality of their surface. Floodable parks are still a novel aquatic Nature-based Solution and have not yet been investigated. In this paper, a systematic review on current floodable parks was performed in order to study (1) the conditions needed for their implementation, (2) their design, and (3) the connection between design and ecosystem services. A subsequent systematic review was performed to understand (4) the processes occurring within the park. With the obtained information, a conceptual model of floodable parks was developed. The results indicate that both the vegetation surrounding the permanent pond of the floodable park and the biodiversity within the pond enhance the performance of this solution and allow potential water reuse. The implementation of floodable parks will therefore facilitate the transformation of urban areas to create sustainable, climate-resilient, and circular cities.