Water right is currently a hot topic in the field of water resource allocation, and the definition of water rights is getting more and more attention. The authors studied the various interpretations of water rights at home and abroad as well as the concept of initial water rights. Initial water right allocation system and its characteristic, which complied with the principle of riparian rights and priority occupation, are introduced. Moreover, the advantages, disadvantages and prospects of initial water right allocation system adopted in China at present, an executive  led with a core principle of water intake licensing, is also described. Then the principles of the initial water rights allocation system are constructed. At last, the authors summarize the allocation and practice of initial water rights in some basins and regions, and accordingly, put forward the future research targets.