In this study, a water resources system with multi-objectives and multiple reservoirs is described. Optimal operation models of long term with energy production objective, short term with flood control objective and real-time with both flood control and energy production objectives are developed for the system. In the developed models, optimization technique of the dynamic programming with successive approximations (DPSA) is used. Optimal operation models obtained from long and short terms are used as guide levels in real-time optimal operation model. The objective function in the real-time optimization in probable flood cases, is about both minimization of flood damage and providing optimal energy production. In real-time and short term optimal operations, kinematic wave approach is used for carrying the inflows released from one reservoir to the other reservoir. The models are applied to a water resource system with multi-reservoirs existing in the Ceyhan Basin. The results obtained are evaluated in terms of flood control and energy production.