This study assesses the level of application of Physical Asset Management (PAM) core practices in Water Boards (WBs) in Malawi. A questionnaire was applied to 141 water supply experts drawn from all WBs in Malawi, and data was analyzed using SPSS V 20.0. The results show that WBs dismally apply PAM core practices in the study area. This study will assist in the development of an asset management framework for WBs in Malawi as ongoing research work. The study raises awareness and provides insights to top management across the globe on areas they need to prioritize to develop or maintain a high level of excellence in PAM. There is a need to identify more PAM practices in the study area which could have a bearing on the discipline. Also, a study is proposed which could link these PAM practices and how they affect the performance of asset-intensive organizations.