The aims of this study were (i) to compare women’s water polo game-related statistics by match outcome (winning and losing teams) and phase (preliminary, classificatory, and semi-final/bronze medal/gold medal), and (ii) identify characteristics that discriminate performances for each phase. The game-related statistics of the 124 women’s matches played in five International Championships (World and European Championships) were analyzed. Differences between winning and losing teams in each phase were determined using the chi-squared. A discriminant analysis was then performed according to context in each of the three phases. It was found that the game-related statistics differentiate the winning from the losing teams in each phase of an international championship. The differentiating variables were both offensive (centre goals, power-play goals, counterattack goal, assists, offensive fouls, steals, blocked shots, and won sprints) and defensive (goalkeeper-blocked shots, goalkeeper-blocked inferiority shots, and goalkeeper-blocked 5-m shots). The discriminant analysis showed the game-related statistics to discriminate performance in all phases: preliminary, classificatory, and final phases (92%, 90%, and 83%, respectively). Two variables were discriminatory by match outcome (winning or losing teams) in all three phases: goals and goalkeeper-blocked shots.