Bolivia argues it owns the Silala spring in its southwest department of Potosi and that it is not being compensated by Chile for use of its waters, which flow across their shared border.
Chile, however, argues that it is an international waterway.
"We have decided as a pacifist country to go to The Hague so that Chile respects our water in Silala," Morales said at a public event yesterday.
Chilean Foreign Minister Heraldo Munoz has said his country could file a counterclaim.
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Last year, the ICJ agreed to take up another, century-old dispute between the two nations, in which La Paz seeks to regain former access to the Pacific Ocean.
Bolivia became landlocked after losing a four-year war against Chile at the end of the 19th century, forfeiting territory and its access to the sea.
After a number of fruitless negotiations with Santiago over the issue, La Paz lodged a complaint to the ICJ in April 2013.