Intellectual property (IP) pertains to any original creation of the human intellect such as artistic, literary, technical, or scientific creation. Intellectual property rights (IPR) refers to the legal rights given to the inventor or creator to protect his invention or creation for a certain period of time (Singh, 2004). Intellectual property is a broad concept that covers several types of legally recognized rights arising from some type of intellectual creativity, or that are otherwise related to ideas (Kinsella, 2001). The term intellectual property reflects an idea that the subject matter is the product of the mind or the intellect, and that Intellectual Property rights may be protected at law in the same way as any other form of property. Intellectual property laws vary from jurisdiction to jurisdiction, such that the acquisition, registration or enforcement of IP rights must be pursued or obtained separately in each territory of interest. Intellectual property rights (IPR) have become important in the face of changing trade environment which is characterized by global competition, high innovation risks, and short product cycle. Intellectual property promotes advancement in science and technology, arts and culture, traditional knowledge and biodiversity resources. The objective of this review is to describe the concepts of Intellectual Property rights and its importance towards society.