The song, called 'Sewerman Style', urges Londoners to refrain from pouring their turkey fat down the drain at Christmas.
Sewerman Rob Smith, who appears in the spoof, told Metro: "Our video is a bit of festive fun with a very serious message.
"Sewer flooding results in people literally getting their own back. It's horrific. It's got to stop.
"That's why we're hell-bent on getting people to take heed of the sewermen's war cry: Bin it - don't block it. Got it?"
Every year, Thames Water spends £12 million clearing blocked sewers and was called out to over 100 blockages on Christmas Day in 2011.
Thames Water announced: "Around 7,000 properties in London and the Thames Valley endure the misery of sewer flooding every year - a result of cooking fat, wet wipes and sanitary items being dumped down drains.
"The tunelessness of the sewermen's singing is inversely proportional to their determination to put an end to sewer abuse - putting anything other than human waste or loo roll down drains."
Last month, Psy's 'Gangnam Style' became the most watched video on YouTube, beating Justin Bieber's 'Baby' with 946 million hits.