Rapid developments in both fundamental science and modern technology that target water-related problems, including the physical nature of our planet and environment, the origin of life, energy production via water splitting, and water purification, all call for a molecular-level understanding of water. This invokes relentless efforts to further our understanding of the basic science of water. Current challenges to achieve a molecular picture of the peculiar properties and behavior of water are discussed herein, with a particular focus on the structure and dynamics of bulk and surface water, the molecular mechanisms of water wetting and splitting, application-oriented research on water decontamination and desalination, and the development of complementary techniques for probing water at the nanoscale.