The Water Walking Boots are an accessory that lets the player walk on water, much like when using a Water Walking Potion. However, unlike using the Water Walking Potion, the player can't walk on lava. Pressing down while standing on water will make you fall through it, just like a Wood Platform. Water walking boots can also be used to walk on honey.
Falling from a great height onto water seems to negate fall damage despite landing on the surface of the water and not plunging in.