Tanzania is determined to use its marine and terrestrial water resources as the new economic priority sector. This chapter argues that despite the fact that Tanzanians have benefited from the marine and terrestrial water resources, the contribution from the water resources is very small compared to other economies that have made considerable efforts to efficiently utilize their water resources. In this chapter, the authors have dived into the genesis of Blue Economy (BE) concept at global scale and narrow it down to the Tanzania context. The BE potentials and Tanzanian profile are described. Further, the chapter provides a description of the economic contribution of BE, the best practices from various countries such as Brazil, Seychelles, Mauritius and Senegal as well as the existing challenges that need to be addressed. The chapter presents detailed analysis of the genesis and ongoing Tanzanian political commitment to invest in the marine environment. It discusses the efforts and shared vision of the Fifth and Sixth Phase of Tanzanian Governments to make it possible for the Nation to benefit from its water or “blue” water resources. Eventually, the chapter put forward some of the key BE drivers that the country has to invest on for realization of the untapped BE potential in the country.