Due to the changing climatic and environmental conditions, modifications in agricultural and water policies have been made, and irrigated agriculture has to face the challenge of making a rational and optimal use of the water resource effectively available. This urges rice farming, strongly and traditionally linked to water, to change the modalities for the use of the resource. If on one hand water saving techniques should be preferred, a different water management in paddy fields may lead to lower yields and higher production costs, with consequent repercussions on farm incomes. The paper recognizes the disagreement between environmental and economic concerns and aims at contributing to the discussion about how to reconcile them by adopting alternative irrigation strategies. From this perspective, a multi-objective linear optimization model is used to explore the trade-offs between conflicting objectives in a rice-growing area in Northern Italy. The model returns the optimal allocation of land subject to three different irrigation strategies, as those previously performed in experimental fields; in addition, a scenario analysis is run to simulate reduced resource availability. Results demonstrate the key role of prioritizing one objective over the other, while introducing cultivars more suitable for dry cultivation enables enlarging the frontier of optimal solutions.