It is well known that the modern day technologies that drive our global society are highly dependent on the use of outer space. For example, daily activities such as sending emails, making phone calls and carrying out bank transactions cannot be done unless satellite technologies are involved. When you catch a plane, the air traffic control is dependent on GPS. Even natural disaster management is dependent on satellite imaging. Taking into account the importance of this, it becomes increasingly necessary to be knowledgeable in the field of international law as it is the only sphere of law that reaches beyond the physical boundaries of the Earth, goes deep into space and provides protection for today’s society. With new steps being taken to exploit further the potentials of outer space, and with increasing talk of new space missions and new discoveries, current international space law is being placed under scrutiny, for it should be remembered that the major international legal documents in this field were adopted in the middle of the 20th century, and thus there are fears that the law may have become obsolete, irrelevant in the face of new challenges in the use of outer space. This paper delivers an analysis of existing international space law and attempts to raise several crucial issues pertinent in the area.