New technologies have been used in water distribution as a result of the modernization brought about by the Industrial Revolution started in Europe in the 18th century. Ottoman Empire also benefited from the technologies when granted privileges to foreign companies to establish water supplies in the port cities. Among these companies, “La Compagnie Ottomane des Eaux de Smyrne” (Ottoman Water Company of İzmir) built Halkapınar Water Pump Station building in İzmir in 1898. The building, which still maintains its original function, is located within the facility of İzmir Water and Sewerage Administration (İZSU) in Halkapınar. It consists of the main pump building and two outbuildings The aim of this study is to analyse the values and problems of the structure and to develop a conservation proposal. The method applied in the study is field survey, archives and literature research. It is a rare example of surviving industrial heritage and has a significance in reflecting the technological developments in water distribution in the 19th century. The problems of the building are poor quality additions and removals implemented throughout the years. As a result of the study, it is proposed to maintain the original function of the building, to remove poor quality additions in the main pump station and on the original outbuilding, to rearrange the original features, and open to public visitation. The proposed interventions considering the values of the building will contribute to the conservation and exhibition of the building as an industrial heritage.