Abstract: It is well known that rainwater harvesting (RWH) can augment water supply and reduce stormwater pollutant discharges. Due to the lack of continuous 2D modelling of urban flood coverage and its associated damage, the ability of RWH to reduce urban flood risks has not been fully evaluated. Literature suggests that small distributed storage spaces using RWH tanks will reduce flood damage only during small to medium flooding events and therefore cumulative assessment of their benefits is needed. In this study we developed a new integrated modelling framework that implements a semi-continuous simulation approach to investigate flood prevention and water supply benefits of RWH tanks. The framework includes a continuous mass balance simulation model that considers antecedent rainfall conditions and water demand/usage of tanks and predicts the available storage prior to each storm event. To do so, this model couples a rainfall-runoff tank storage model with a detailed stochastic end-use water demand model. The available storage capacity of tanks is then used as a boundary condition for the novel rapid flood simulation model. This flood model was developed by coupling the U.S. EPA Storm Water Management Model (SWMM) to the Cellular-Automata Fast Flood Evaluation (CA-ffé) model to predict the inundation depth caused by surcharges over the capacity of the drainage network. The stage-depth damage curves method was used to calculate time series of flood damage, which are then directly used for flood risk and cost-benefit analysis. The model was tested through a case study in Melbourne, using a recorded rainfall time series of 85 years (after validating the flood model against 1D-2D MIKE-FLOOD). Results showed that extensive implementation of RWH tanks in the study area is economically feasible and can reduce expected annual damage in the catchment by up to approximately 30 percent. Availability of storage space and temporal distribution of rainfall within an event were important factors affecting tank performance for flood reduction.