Waters, who is based in Bannockburn, has donated 26 works - including When I’m 64, Prime Minister and Sold! Hurry! Buy off the Plan! - as well as a series of prints to Cromwell College.
The images feature in a week-long exhibition which opened at McNulty House in the Cromwell Heritage Precinct last night.
Prints will be available for purchase, with five pieces up for silent auction.
Cromwell College head of faculty arts Ashlee Carr said the works were donated to the school by Alan and his wife Christine.
"It’s pretty special," she said.
Funds raised would go towards the school’s art department to help with new printmaking facilities, digital animation and virtual reality headsets.
While small, the department was set to grow in the next couple of years as more pupils were choosing to take art, especially as there was a greater demand for the digital arts, she said.
Cromwell College board of trustee member Odette Hopgood said the exhibition would also serve as a tribute to Mr Waters, who had been generous to the school with his gift.
The Cromwell College Alan Waters exhibition runs until Saturday and is open between 10am and 3pm at McNulty House, Cromwell.
