Intellectual property rights are exclusive rights which given to a person over their creation for certain period of time. ‘A kind of property which cannot be touched by bare hands but sometime has much more value than our property which can be touched such as Land, House etc. Intellectual property also called as intangible property for instance patent, trademark, and copyright etc… which protects our right over that product what we have created by using the creation of mind. In simple terms (IPRs) is a right for the ownership of a property which is intangible and is the result of one’s intellect, labour and intelligence. Now the Question arises why we need such right to protect our intellectual belongings, answering to this question since there were already ample amount of rights and regulations which exists to maintain our conventional property (tangible). But all these rights we enjoy in this contemporary world against our intellectual belongings came into existence in recent past only. Although there were several law and order as well which were in practice related to intellectual product but its scope was much narrow as to compare what an intellectual product holder possess today. Hence to appreciate one’s hard work, to give incentive and right over his/her property so that they can use them and take its royalty and several other as well. What is the relevance of such right ? To have a fair trading. Concerned areas and several types of intellectual property rights, issues under this right and its difficulties, Pros and cons of such right – makes our trading system works much more fluent and convenient –Protects ownership right – provides rewards of one’s intellect and hard work and sometimes few loopholes also occur. All of these above-mentioned questions have their answers in the article.