This paper presents a novel approach to addressing the current water waste problem in conventional water tanks by implementing an efficient water monitoring and control system using Internet of Things (IoT) technology and Android applications. The existing water storage solutions often lack the ability to monitor and manage water levels, leading to significant water waste. In this research, an ultrasonic sensor is employed for precise water level measurement. The parameters critical to water quality, such as pH, Total Dissolved Solids (TDS), and turbidity, are also monitored and calculated. The microcontrollers process the sensor-derived data and transmit it to the internet through a Wi-Fi module (ESP 8266). Other existing technologies had certain drawbacks in some way, and the removal of these shortcomings and providing an efficient and economical solution has been the main focus of this paper. This paper outlines the development of a smart water tank system that not only reduces water wastage but also ensures water quality, thereby contributing to the sustainable management of water resources.