Volga, and the south, belonging to basins of various tributaries of the upper Volga River. Sorted by the discharge, the biggest rivers of the oblast are the Volkhov, the Mologa, the Msta, the Lovat, the Syas, and the Shelon.

The south and the southeast of the oblast contain one of the largest lake districts in European Russia. The biggest lake in the area, Lake Seliger, is divided between Novgorod and Tver Oblasts. Other big lakes in the area include Lake Valdayskoye,