The concept of intellectual property right is becoming important at the global level. During the last few decades all over the world after the establishment of WTO & GATT protection of intellectual property has become one of the central issues. Issues of generation, valuation, protection and exploitation of intellectual property (IP) are going to become critically important all around the world. This paper deals with the various concepts and acts with the relevance of the protection of traditional knowledge under intellectual property rights regime and possibilities of Sui Generis system.