It has characteristics associated with postmodern literature, such as a fragmented narrative style, where events are not told in chronological order.

Major themes in the novel include storytelling and history, exploring how the past leads to future consequences.

The youth's scepticism causes Tom to change his teaching approach to telling tales drawn from his own recollection.

Tom resists this because his leaving would mean that the History Department would cease to exist and would be combined with the broader area of General Studies.

The pivot of Waterland focuses on both the past in 1943, and the present time thirty years after – all related through the eyes of Tom as an adolescent.

The novel addresses some three hundred years of local history – including that of Tom's family – this relates to the broader historical currents of past centuries.

Tom's brother Dick is mentally handicapped; he grows increasingly jealous when they are teenagers because of his own attraction to Mary.

The novel returns to the present day, with Tom's growing horror over the child taken by Mary, who believes it is a gift from God.

The plot closes on a final flashback, which shows Dick's breakdown following the revelation that he was born from the incestuous relationship his grandfather forced on his daughter, his and Tom's mother.

Dick becomes drunk on strong beer he found in an old chest from his real father – which also held the letters revealing his true parentage – and rides away on his motorbike.

In 1992, a film version of Waterland was released, directed by Stephen Gyllenhaal and starring Jeremy Irons.

The adaptation retained some major plot points but moved the contemporary location to Pittsburgh, and eliminated many of the extensive historical asides.