Water tanks play an important role in water supply networks, during and post-earthquake for vital reasons such as to extinguish fire, drinking purpose etc. In general there are three kinds of water tanks-tanks resting on ground, underground tanks and elevated tanks. Here we are studying only about the elevated rectangular tanks. This paper presents the seismic analysis of an elevated rectangular water tank with mid frame staging and is compared by changing the seismic zone as per IS: 1893-2002 (Part-2) and wind speeds for different soil conditions such as hard, medium and soft soil. The elevated rectangular tank has been modelled by using the software ETABS. The water tank is also optimized by N Pandian method to give the optimum and economical design of water tank.