One of the Three Rings of the Elves, forged by Celebrimbor alone, and unsullied by the hand of Sauron. It was called Nenya in Elvish. Also known as the White Ring, it was mounted with a single diamond.

Ultimately Sauron betrayed the Elves, and forged the One Ring to enslave all the others to his will. According to legend, when Celebrimbor discovered this, he travelled east to take counsel with Galadriel. She proposed that the Three Rings should be hidden from Sauron across Middle-earth. Celebrimbor agreed, and sent the Rings of Fire and Air north to King Gil-galad in Lindon. The Ring of Water, though, he granted to Galadriel herself, and through it a timeless power descended over the land later called Lórien. It was also said to greatly increase Galadriel's desire to return into the West, though the Straight Way was barred to her at that time.

These events took place in the middle of the Second Age. Galadriel kept the Ring hidden within the forest land of Lórien through that Age and the next, for a total of nearly five millennia. With the final destruction of the One Ring at the end of the Third Age, the Ring of Water lost its power. Galadriel was granted her desire at last, and took the White Ship from the Grey Havens to sail back to her ancient home in the Uttermost West.