The aim of the study was to identify key factors of water environmental parameters affect shrimp productivities in the mixed mangrove-shrimp system using multivariate approach. Water quality assessment was conducted at four mangroves stand ages (MAs) of 2–4, 5–7, 9–12 and >12 years old, with two water level (WLs) regimes in the ponds at 0–20 cm and 20–40 cm, and at every interval of 15-day grow-out cycle of shrimp in the systems based on the moon. Water quality in the study farms was within the appropriate range for shrimp growth. Mangrove ages affected alkalinity, pH, COD, N-NO₂, N-NO₃ and H₂S, but did not influence the rest of water quality parameters. Shrimp productivity had moderate-to-fair positive correlation (r_p = >0.36 and r_p > 0.5) with N-NH₄, N-NH₃, water level on the platform and water level regimes management in the shrimp ponds respectively. The stepwise multiple regression model fitted very well with 19 independent variables (p = 0.0000; R² = 0.63) and shrimp productivity. The equation of the fitted model is given as: Shrimp productivity = 18.4552 + 2.34394*DO - 1.01044*Salinity - 1.49646*H₂S + 2.97012*Water level.