Water balance analysis for estimation of the supply/demand scenario utilizes geospatial approach that plays a very important role in worldwide research. Water balance is based on the law of conservation of mass, which states that any change in the water content of a given soil volume during a specified period must be equal to the difference between the amount of water added to the soil volume and the amount of water withdrawn from it. It helps to quantify the relationships between precipitation, surface and groundwater runoff, evaporation, evapotranspiration and aquifer drafts, and provide a framework for future planning of sustainable exploitation of the available water resources. This paper has discussed about the review of literatures in the field of water balance assessment. The water balance assessment of any area, an agricultural land, watershed, or a continent can be estimated by calculating the input, output, and storage changes of water components at the Earth's surface. From the review of research papers it is evident that a lot of research has been carried out and lot of models, such as SWAT, TM, GRACE, MIKE SHE, etc., have been developed for the evaluation of water balance assessment. Their analysis could be used for the study area to assess the water balance analysis for estimation of the supply/demand scenario, viz. evaporation, evapotransipiration, surface runoff, crop water requirement, inflow, outflow, and change in water storage as it requires exploring water balance components to overcome overexploitation or water scarcity in the study area.