In the title compound, [Cu(C(5)H(7)O(2))(C(2)N(3))(C(12)H(8)N(2))]·2H(2)O, the Cu(II) atom is five-coordinated in a square-pyramidal geometry with two acetyl-acetonate O and two phenanthroline N atoms forming the base. The apical position is occupied by the central N atom of the dicyanamide ligand. The dicyanamide N atoms are each involved in hydrogen bonds to water mol-ecules. There are also hydrogen bonds between both the water mol-ecules and their centrosymmetric pairs, creating a hydrogen-bonded chain along the b-axis direction.