The goal of intellectual property (IP) is to encourage development and innovation. The most prevalent types of IPRs include patents, copyrights, geographical indications, trademarks, industrial design, and trade secrets. Intellectual property rights (IPR) are legal protections granted to specific innovations or mental works. With today's fast speed of technical, scientific, and medical innovation, intellectual property has become more important. Intellectual property rights (IPRs) are becoming more important in a variety of industries. Patents are a source of legal (ownership, inventors, reassignments, claims, and so on) as well as technologically rich previous art (background, specifications, etc.). Patents provide comprehensive written descriptions of the innovations as well as illustrations of electrical, mechanical, and chemical structures. A patent is granted to an invention that meets the requirements of worldwide novelty, non-obviousness, and industrial applicability. IPR is required for better innovation or creative identification, planning, marketing, rendering, and therefore protection. However, a lack of public knowledge may be a stumbling block to their being deemed of considerable value. As a result, this review article provides a concise overview of the idea of intellectual property rights.