This study aimed to examine morphological and physical fitness profile in collegiate water skiers and to identify the potential morphological and physical fitness factors, important for success in the slalom, trick, and jump events. Twenty collegiate water skiers were subject to anthropometric, somatotype measurements and a battery of physical tests inclusive of water ski-specific fitness variables. An independent t-test was used to compare the gender differences of dependent variables. Partial correlation and linear regression analyses were used to identify the factors that are associated with water ski performance. Male water skiers were lower in endomorphic component and better in power, speed, and cardiorespiratory fitness than female water skiers (p < 0.05). Somatotype such as mesomorphic (r = −0.48) and ectomorphic components (r = −0.60), sum of hand-grip strength (r = 0.98), and muscular endurance including posterior extension (r = 0.59) and left lateral flexion (r = 0.63) were significantly correlated with water skiing performance score (p < 0.05). The results of regression analyses showed that mesomorphic component (r2 = 0.24, p = 0.04), sum of hand-grip strength (r2 = 0.95, p = 0.001), and muscular endurance (r2 = 0.30, p = 0.03), appear to be crucial factors associated with water ski performance in slalom, trick (hands pass), and the jump events, respectively. Our study suggests that different morphological and fitness components are required to succeed in each tournament water skiing event. Coaches and athletes can utilize the battery of physical tests and design a specialized training regimen for each tournament water skiing event.