Description and Characteristics. Water Lily Facts: The water lily is a flowering plant found in both temperate environments as well as tropical settings in many different places around the globe. There have been up to 70 documented types of water lilies found in North America, Asia, South America, Africa, and Europe.hile many people attempt to grow some of the varieties of water lilies in their home ponds and water flower gardens, the most beautiful and prolific water lilies grow deep in the heart of dense freshwater environments.