Trade secrets arising out of research and development activities in industries belong to the industry financing and providing other supports to its research and development activities. The infringements of the secret information of the companies and research labs are punishable under the Laws of protection of Intellectual Property Rights (IPR’s). Article 39 of Trade Related Aspects of Intellectual Properties (TRIPs) agreement of World Trade Organization (WTO) explicitly recognises the significance of “protection of undisclosed information through the System developed as another category of IPR –the Trade Secrets.” The present paper reviews choice of trade secrets protections vis-a-vis the patent protection. It then reviews the current status of trade secrets protection as per TRIPs, the possible misappropriations/ violations particularly in digital environments along with status of trade secret protection in selected countries including India whereof typical example court cases are cited. Other country reviewed is USA wherein the appropriate 6 factor test is used to determine whether information is trade secret or not? Status of this IPR is also outlined in UK, Brazil, Japan, China and Korea etc based on which specific recommendations are made for useful exploitation of the trade secrets in the corporate sector, small and medium enterprises and research and development laboratories.