Managed aquifer recharge (MAR) is gaining popularity as a strategy to conjunctively manage groundwater, surface water, and reclaimed water resources. However, when evaluating the feasibility of MAR systems, there is a tendency to focus on technical aspects such as water compatibility, recharge rates, mounding and migration, treatment, and facility siting and design. Although these are critically important, it is equally important to evaluate the economics of MAR systems prior to investing in their development. A robust economic evaluation at the feasibility stage can help to identify the preferred alternative and reveal valuable insights to optimize system sizing, phasing, and operations. This article provides a practical guide for evaluating the economics of MAR systems and summarizes key takeaways gathered from conducting economic evaluations for a wide variety of proposed MAR system projects.