Liveability of a city is related to the quality of life (QOL) assessed by the impact of the quality of physical environment on liveability and the role of recreation in psychological wellbeing of individuals. Like in major Asian cities, the historic waterfront and architectural heritage of Dhaka are important components of the fabric. Despite diminution, it continues to affect the social life of Old Dhaka residents. In recent years, protection of the waterfront from illegal encroachment and pollution has become a major concern, amidst a lack of understanding of the river’s role in improving the QOL of the waterfront residents and the role of community involvement. By comparing waterfronts in similar contexts and through literature review and observations, the authors investigate how the conservation of the historic waterfront can contribute to the improvement of quality of life in Old Dhaka, and suggest ways to protect the riverfront with this objective. Seeing waterfronts as products of human intervention into nature, this paper discusses the socio-political forces that shape this, and investigates how conservation of the historic landscape can improve the QOL of the nearby residents. It uses a case study approach based on documentary research, unstructured and nonparticipant observations, and interviews with community leaders, environmental activists and local bodies.