Water injection in highly boosted GDI engines has become an attractive area over the last few years as a way of increasing efficiency, enhancing performance and reducing emissions. The technology and its effects are not new, but current gasoline engine trends for passenger vehicles have several motivations for adopting this technology today. Water injection enables higher compression ratios, optimal spark timing and elimination of fuel enrichment at high load, and possibly replacement of EGR. Physically, water reduces charge temperature by evaporation, dilutes combustion, and varies the specific heat ratio of the working fluid, with complex effects. Several of these mutually intertwined aspects are investigated in this paper through CFD simulations, focusing on a turbo-charged GDI engine with port water injection. Different strategies for water injection timing, pressure and spray targeting are investigated. Two combustion modeling approaches are used and compared, the perfectly stirred reactor model with reduced chemical kinetics for a TRF surrogate, and the G-equation turbulent combustion model. Combustion rate results are validated against available experimental engine data, in regular and knocking conditions. Multi-cycle simulations are required because of the wall film dynamics, and therefore have been performed to assess the effect of water injection strategies. The results of the study are an assessment of the optimal injection parameters, in terms of timing and injection pressure, for achieving the maximum effectiveness of water injection. In addition, a detailed thermodynamic analysis of the engine cycle with varying charge properties is presented.