The water environment is very complex but very attractive for the visitors. It is formed by numerous glaciers, rivers, streams, lagoons, lakes, and waterfalls. The glacier Dickson is located in the north sector of the Park and gives origin to the lake of the same name where Paine River is born. The basin surrounds all the Paine Range of Mountains, with the exception of the northeast sector that is covered by a sector of the South Patagonia Ice Field (named as the third Pole) and the River Grey’s basin. The Paine River connects several lakes of great beauty. Its journey starts in Dickson Lake and then continues through Paine Lake, Paine Waterfall, Nordenskjöld Lake, Pehoe Lake and Salto Grande.
To the south of Pehoe Lake there is an uneven piece of land which gives origin to the Salto Chico and pours its waters to Paine River; they continue up to Toro Lake, one of the greatest in the region whose checked deepness is of 350 metres. This lake drains through the Serrano River, arriving in the Ultima Esperanza fiord. After receiving the waters of the rivers Grey, Tyndall and Geikie which come from the glaciers and homonymous lakes, located to the southeast part of the Park. Besides this main water net, Sarmiento Lake highlights because it is the only one which lacks of a drainage system. Its waters are of an intense blue which contrasts with the white shores producing a landscape of amazing beauty.