Collective excitations in liquid water are investigated using the recently developed theory for dynamics of molecular liquids which is based on the interaction-site model for polyatomic fluids, the projection-operator formalism of Zwanzig and Mori, and the simple approximation scheme for memory functions. It is shown that all the essential features of collective excitations in water, reported previously by neutron-scattering experiments, molecular dynamics simulations and dielectric theories, are well reproduced by the present theory.