To manage the transboundary water resources of the Ganges-Brahmaputra-Meghna (GBM) River Basin, it is important to identify and understand the complex upstream-downstream linkages in the basin. This paper provides a comprehensive overview of social, economic and cultural processes of the GBM Basin and examines existing mechanisms for governing the shared water resources. It draws attention to the uneven power relations between countries that share the basin and how it affects transboundary water governance. The review concludes that the countries need to strengthen cooperation and harness benefits arising from economic, social, and cultural aspects and proposes multilateral cooperation over the existing bilateral cooperation approach in the region.