From　a　water　footprint　perspective,　this　paper　adopts　Gross　Domestic　Product　(GDP)　as　the　influencing　factor　to　construct　a　lexicographical　optimization　framework　for　optimizing　water　resources　allocation　under　equity　and　efficiency　considerations.　This　approach　consists　of　a　lexicographic　allocation　of　water　footprints　(LAWF)　model　and　an　input-output　capacity　of　water　footprints　(IOWF)　model.　The　proposed　methodology　is　then　applied　to　allocate　water　resources　in　the　Yangtze　River　Economic　Belt　(YREB)　by　employing　the　2013　cross-sectional　data　in　the　area.　The　results　show　that:　(1)　The　LAWF　scheme　signifies　reductions　in　water　footprints　in　each　of　the　YREB　administrative　units,　thereby　significantly　strengthening　their　IOWFs.　(2)　IOWFs　are　affected　by　industrial　attributes　and　natural　endowments,　and　the　impact　tends　to　vary　across　different　industries　and　regions.　(3)　Policy　suggestions　are　proposed　to　effectively　enhance　the　IOWFs　of　the　weakest　industries　across　the　three　YREB　regions　to　exploit　their　natural　endowments.　©　2019　by　the　authors.　Licensee　MDPI,　Basel,　Switzerland.