Though different technical approaches have been applied, Addis Ababa water bodies are persistently facing problems that affect their biological, economic, sociological, and ecological assets. To fill the technical gaps, multi-stakeholder collaborative governance approaches are unfolding, in the academia, as the important tools or methods of dealing with water problems. Thus, the basic objective of this qualitative exploratory study is analyzing the processes and outcomes of multistakeholder collaboration structures on the governance of urban water projects, and developing potential pathways of building collaboration among stakeholders for the governance of water bodies. The results of this study show that the processes of multi-stakeholder dialogues are handicapped by the absence of prehistory of collaborations, asymmetrical pre-deliberation communication, and the representation of stakeholders by individuals with no experience or the required expertise, and the lack of willingness among stakeholders to engage in the process of dialogues. The activities of supervision, evaluation, river assessment programs, and the establishment of stable and secured governance frameworks are loaded in a few government sectors, leading to the eruption of multiple problems. On the other hand, the potential pathways of building strong collaboration among stakeholders require a systematic procedure that establishes legal, political, and administrative commonality among stakeholders. This guides to instill responsibility, ownership, and commitment on the leaders, directors, and experts to work with others. The study concludes that urban water problems could not be well addressed unless the governance structures are built in advance by making the pre-deliberation and deliberation processes that combine the principles of simplicity, symmetrical communication with all stakeholders, the appointment of experts, and the development of a regular collaboration system. Further, these would enable to govern water governance projects effectively by combining the ecological, social, political, and economic perspectives. Besides, considering cultural, legal, social, and political contexts and establishing individual and organization sensitive committees at various levels is crucial for sustainability and adaptability.