Floods and droughts are two contrasting extreme events that have become a major concern especially due to climate change and urbanization. These problems are due to distinct causes and effects at various places requiring different mitigation strategies. The risks due to floods and droughts cannot be eliminated but can be reduced or minimized. Transfer of the surplus water to areas of water deficit is a possible way of managing floods and droughts together. This would also help to create additional irrigational potential and promote hydropower generation to overcome regional imbalances. Other measures such as enhancing surface storage, managed aquifer recharge, interlinking of water bodies, and developing green infrastructures are practised globally under different names to combat these two extremes. This chapter presents a detailed insight into the effects and mitigation strategies of floods and droughts in general and with the case studies from the Republic of Korea and India.