The international competitiveness of the New Zealand (NZ) dairy industry is built on low cost clover-based systems and a favourable temperate climate that enables cows to graze pastures mostly all year round. Whilst this grazed pasture farming system is very efficient at producing milk, it has also been identified as a significant source of nutrients (N and P) and faecal bacteria which have contributed to water quality degradation in some rivers and lakes. In response to these concerns, a tool-box of mitigation measures that farmers can apply on farm to reduce environmental emissions has been developed. Here we report the potential reduction in nutrient losses and costs to farm businesses arising from the implementation of individual best management practices (BMPs) within this tool-box. Modelling analysis was carried out for a range of BMPs targeting pollutant source reduction on case-study dairy farms, located in four contrasting catchments. Due to the contrasting physical resources and management systems present in the four dairy catchments evaluated, the effectiveness and costs of BMPs varied. Farm managements that optimised soil Olsen P levels or used nitrification inhibitors were observed to result in win-win outcomes whereby nutrient losses were consistently reduced and farm profitability was increased in three of the four case study farming systems. Other BMPs generally reduced nutrient and faecal bacteria losses but at a small cost to the farm business. Our analysis indicates that there are a range of technological measures that can deliver substantial reductions in nutrient losses to waterways from dairy farms, whilst not increasing or even reducing other environmental impacts (e.g. greenhouse gas emissions and energy use). Their implementation will first require clearly defined environmental goals for the catchment/water body that is to be protected. Secondly, given that the major sources of water pollutants often differed between catchments, it is important that BMPs are matched to the physical resources and management systems of the existing farm businesses.