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Intellectual property rights (IPR) is a legal rights which is provided to the inventors or creators, for protecting there inventions or creations for a definite period of time. According to WTO, Intellectual property rights(IPR) are the rights given to persons for the creations . They usually grant the creator an exclusive right for the use of there creation for a definite period of time. The protection will be given not only for invention or innovation but also for literary and artistic works, designs, logos, symbols, images used in commerce. In some foreign countries IP is referred to as industrial property. Intellectual property rights are like any other property right. They allow creators, or owners, of patents, trademarks or copyrighted works to be benefited from their own work or investment. This paper also deals with the history of IPR, objectives & types of IPRs. IPR provide certain exclusive rights to the inventors or creators of that property, in order to enable them to reap commercial benefits from their creative efforts or reputation. There are several types of intellectual property protection like patent, copyright, trademark, tradesecret, Industrial Designs, geographical indications etc.