One of the major socioeconomic and global sustainability issue is water shortages, which imperils human survival and regional development. The current study, aims to develop a model for allocating water resources more efficiently and equality. In this regard, a multi-objective programming approach was developed with the first objective of the water recourse allocation equality to be maximized and the second objective of risk to be minimized. The considered risk in this study was the economic efficiency loss risk. For the annual water allocation model, the fluctuation in available water of the river basin is the main source of uncertainty and can result in the corresponding risk of economic efficiency loss. Thus, it is essential to manage the economic efficiency loss risk resulting from uncertainty. To solve the model, Compromise Programming (CP) method was used. Sustainability index was also, employed to determine the objective function weights. The developed model was applied to the Givi River basin in Iran. From the results, it was found that using of the sustainability index is a suitable strategy in CP method for determining the objective functions weights. The results showed that the proposed model can be helpful for water management to allocate water resources.