The Sarajevo depression and its surrounding area, from a hydrogeological perspective, represent an exceptionally complex system. In an area that was subjected to intense tectonic processes in geological history, due to the activity of specific climatic and hydrological conditions, a series of exogenous processes were activated, which, in morphological terms, reshaped this area and, consequently, influenced its hydrogeological properties. The area can be divided into two main units: the intensely folded and fractured mountainous region of the periphery and the Sarajevo field area, or the Sarajevo depression itself. The aim of this paper is to highlight the specific hydrogeological properties of the terrain, the particularities of individual blocks of the mountainous periphery, and the hydrogeological characteristics of the Sarajevo field area. The periphery of the Sarajevo depression is composed of powerful, predominantly limestone-dolomite deposits, which serve as hydrogeological conductors, and the underlying deposits of Lower Triassic age, known as the Sarajevo sands, which act as hydrogeological insulators. The key factors influencing the hydrogeological properties of the terrain include: hydrological conditions, terrain morphology, lithological composition, and structural characteristics. The aim of this paper is to present the most significant results of the mentioned research and to frame them into a unified whole, in order to provide a clear understanding of the hydrogeological properties of the terrain in the immediate surroundings of Sarajevo.