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• A new Master-Slave optimization algorithm is proposed. • Optimization performance of the algorithm is benchmarked against various optimizers. • The algorithm is applied to the long term operation of Aswan High Dam reservoir. • Predictive performance of the algorithm is validated against competing algorithms. Dams and reservoirs provide decision-makers and managers with appropriate control on the available water resources, allowing the implementation of various strategies for the most efficient usage of the available water resources. In areas where water supply exhibits significant temporal variation when compared with the demand, the challenge is to bridge the gap and achieve an optimal match between the water supply and demand patterns. Therefore, the release of water from reservoirs should be controlled to ensure that the operation rule for the available water storage in the reservoir is optimized to satisfy the future water demands. This level of optimal control can only be achieved using an efficient optimization algorithm to optimally derive the operation rule for such a complex water system. Herein, two main methods have been considered to tackle this water resource management problem. First, three different optimization algorithms, namely particle swarm optimization, differential evolution, and whale optimization algorithm, have been applied. In addition, two different optimization algorithms, namely crow search algorithm and master–slave algorithm, have been introduced to generate an optimal rule for water release policy. Further, the proposed optimization algorithms have been applied to one of the most critical dam and reservoir water systems, namely the Aswan High Dam (AHD), which controls almost 95% of Egypt's water resources. The current operation of AHD using the existing optimization rules resulted in a mismatch between the water supply and water demand. In other words, the water availability could be higher than the water demand during a certain period, whereas it could be less than the water demand during another period. The results denoted that the master–slave algorithm outperforms the remaining algorithms and generates an optimization rule that minimizes the mismatch between the water supply and water demand. [ABSTRACT FROM AUTHOR]