Intellectual property (IP) law is often viewed as static, when it is actually chameleon like, constantly changing to reflect technological and social developments. This article discusses how IP as we know it today – in the classical fields of copyright, patent and trademarks, and in their interaction and beyond – has developed alongside changes in technology, globalization, and society, taking into account their interrelated nature and how they  prophetization and affect the balancing of interests (both economic and non-economic). It specifically looks at challenges relating to software and the Internet, biotechnology, and overlaps in IP, before taking a brief look at what the future may bring.