For new ideas, innovation or creativity encouragement, IPR plays crucial role. The review of various IPR such as copyrights and patents and its role in promoting creativity is discussed in this paper. It studies various researches, available study material to explain how IPR can impact on economic growth, invention and innovation. The study reveals that intellectual property right gives sole rights to the inventors thereby accelerating the process of creativity but this is not exactly the same situation in every sector. We can observe this from pharma or chemical sector where strict patent laws can support but these laws create problem where new ideas are based on old ideas such as sector of software. Due to digitisation, copyrights laws also have to face many challenges which creates difficulty in making original work safe and allowing others to utilize it. The paper discusses on various aspects of IPR like future innovations, protection required by every field, its support for new start up, maintaining the balance between first and next creators. This needs to be study for establishing stronger IPR system which can promote creativity and can help the society. Through this study, it has been suggested that if IPR is used along with tools like grants, rewards or open-source initiatives, then it may give better results.