Floods are the most recurring hazard in Kosi and Gandak river basin of North Bihar in eastern India. Despite a long history of flood control measures in the state for more than six decades, the rivers still continues to cause a huge disaster and a lot of misery in the region due to extensive flooding. The Kosi and Gandak River typically shows very high discharge variability in addition to high sediment flux from upper part of catchment. This often results to inundation followed by flooding in the low-lying tracts of the alluvial plains. This paper re-visits the flooding issue in Kosi and Gandak river basin and presents an in-depth analysis of flood management.This flood risk analysis follows multiple criteria decision analysis (MCDA) using Concept of Choosing by Advantage (CBA) for selecting component of Integrated Flood Risk Management (IFRM) by stakeholder and decision makers.