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In Canada, floods are the most common largely distributed hazard to life, property, the economy, water systems, and the environment costing the Canadian economy billions of dollars. Arising from this is FloodNet: a transdisciplinary strategic research network funded by Canadas Natural Sciences and Engineering Research Council, as a vehicle for a concerted nation-wide effort to improve flood forecasting and to better assess risk and manage the environmental and socio-economic consequences of floods. Four themes were explored in this network which include 1) Flood regimes in Canada; 2) Uncertainty of floods; 3) Development of a flood forecasting and early warning system and 4) Physical, socio-economic and environmental effects of floods. Over the years a range of statistical, hydrologic, modeling, and economic and psychometric analyses were used across the themes. FloodNet has made significant progress in: assessing spatial and temporal variation of extreme events; updating intensity-duration-frequency (IDF) curves; improving streamflow forecasting using novel techniques; development and testing of a Canadian adaptive flood forecasting and early warning system (CAFFEWS); a better understanding of flood impacts and risk. Despite these advancements FloodNet ends at a time when the World is still grappling with severe floods (e.g., Europe, China, Africa) and we report on several lessons learned. Mitigating the impact of flood hazards in Canada remains a challenging task due to the countrys varied geography, environment, and jurisdictional political boundaries. Canadian technical guide for developing IDF relations for infrastructure design in the climate change context has been recently updated. However, national guidelines for flood frequency analyses are needed since across the country there is not a unified approach to flood forecasting as each jurisdiction uses individual models and procedures. From the perspective of risk and vulnerability, there remains great need to better understand the direct and indirect impacts of floods on society, the economy and the environment.