The rapid growth of the free-floating invasive weed Water Hyacinth (WH) has caused an environmental and social menace in most water bodies. Its large mat formation not only affects the underlying aquatic species by blocking sunlight and depleting oxygen, but it also interferes with commercial activities such as fishing and transportation. Public health is also affected as it provides shelter for disease-causing mosquitoes. Additionally, it is a bio-indicator of water bodies polluted with heavy metals. Removing and managing this weed is crucial for conserving natural water resources. Various manual, mechanical, chemical, and biological methods have been tried and tested to eradicate this plant. However, each method has its limitations, and the reoccurrence of this weed in a short time calls for an innovative approach to finding sustainable solutions. Recent studies focus on utilizing this weed for commercial purposes rather than eradicating it. The high cellulose and hemicellulose content in the plant make it an excellent source for renewable fuel production. It also finds application in industries that prepare animal food, compost, and bio-fertilizers due to the high nutrient content. Many states in India are utilizing the WH plant to produce eco-friendly and creative products, thus helping in local employment generation. This study's research contribution is evaluating the advantages and drawbacks of weed removal methods, the potential of WH plants in phytoremediation and biofuel production, case studies of successful alternate uses of WH plants, and possible action plans for economically and ecologically sustainable plant management to conserve water resources in India. The specific outcome of the study is that water hyacinth management is not the responsibility of a single body or entity, but rather the responsibility of different stakeholders and their combined efforts to combat this issue at a national level.