Water is a strategic resource for life and the development of all nations, thus water security governance has been an issue of vital importance to countries, especially those which do not have guaranteed sources of potable water. The Lancang-Mekong Cooperation (LMC) mechanism, which focuses on water resources cooperation along the Lancang-Mekong River, serves as a good example. The current features of water security governance in the Lancang-Mekong River Basin indicate the necessity and importance of the LMC mechanism. Against the background of climate change and deficiency in governance capacity, all the Lancang-Mekong countries should concentrate on water security governance in the region. China, in particular, should continue to practice the Asian Security Concept in order to serve its Belt and Road Initiative (BRI) and its vision to build a community of shared future with neighboring countries.