Small and medium enterprises (SME) represent the largest driving force of European development. SMEs have an important role in the Portuguese economy and it is relevant the research of SME in the water industry, given the challenges that this type of industry currently faces, at productivity level, growth and innovation applied, because they achieve lower results compared to larger companies, usually caused by legal obstacles, financial, administrative and bureaucratic, with the negative effects of the crisis, which led to the overall reduction of the total demand for their products and services, followed by worsening conditions of payment by customers and the lack of working capital. Methodologically was carried out the literature review, concepts, laws and regulations that contextualize the Corporate Social Responsibility (CSR) and water industry. At second level, it will be developed an empirical analysis through a content analysis of SME as case studies that requires deeply understanding of them. Indeed, the Portuguese economy relies on the management of this strategic product (water), because its scarcity. However, this research can be used as a source for research on sustainability and projection SME in future, because this business will be a strategic industry, due to opposite relation between the rarity and the value of drinking water on the planet, as well as, the increase needs of the population. The authors defend the implementation of CSR strategies to get sustainable success of SME
