Asset management is a new concept for operation, maintenance, rehabilitation, and reconstruction of irrigation infrastructure taking into account economic assessment of trade-offs between alternative investment options to help make cost-effective investment decisions. In most countries including developed and developing countries this concept is required mainly due to the lack of financial support from the public sector. In this study, asset management of irrigation infrastructure implemented by corporatized or privatized organizations separated from the state government of New South Wales (NSW), Australia are reviewed to find out essential issues for appropriate asset management of irrigation infrastructure. The viewpoint of business management, discount rate, lifespan of assets, and deterioration forecast are the essential issues for efficient asset management.