Optimizing the capacity to adapt to climate change impacts has become a critical challenge for human societies. This article therefore evaluates how integrated water resource management (IWRM) approaches help enhance adaptive capacity to climate change impacts on water resources. An evaluative framework is derived from key IWRM principles and their roles in modulating adaptive capacity. This framework is then used to evaluate IWRM implementation in Bangladesh. The analysis draws on policy documents, interviews and a survey of policy makers. Results suggest that policy principles and implementation in favour of IWRM can be a source of success but also of failure for adaptive capacity. Recommendations for amending the concept with the aim of increasing adaptive capacity are outlined.