The Mosul Dam, one of Iraq’s most significant infrastructural projects, has been the subject of extensive debate and scrutiny, often overshadowed by negative narratives concerning its safety and environmental impact. These narratives overlook the dam’s significant function in creating food and energy and fostering local, regional, and global water cooperation. This article seeks to provide a comprehensive revaluation of the dam’s contributions to water management and diplomatic relations. By systematically addressing the prevalent criticisms, this study highlights the recent renovation works that extended the dam’s lifespan. These works, which will be examined with a quantitative methodology in the study, involved the Iraqi Government, the Kurdish Regional Government, the United States and Italy. These four entities contributed with joint efforts to make the dam safer, forging trust and collaboration on multiple levels. The Mosul Dam serves as a model for international water cooperation, illustrating the potential for large-scale infrastructure projects to contribute to peace and stability. The reassessment provided in this study advocates for a more nuanced understanding of the Mosul Dam, recognizing its pivotal contributions to water security and international cooperation, which are essential for the region’s sustainable development and beyond.