Abstract In the past few years, due to the change of the market environment, intellectual property has become a very important asset for many companies. Patent is especially important compared to other types of intellectual property. In high technology industries, a well-designed and creative patent can bring a company great advantage and big profit. How to correctly value and manage the patent becomes a very important issue for a company. This thesis first introduces the basic concept of intellectual property which can be divided into four different types: Patent, Copyright, Trademark, and Trade Secret. It then discusses the different strategies that may be used in the different periods of the life-cycle. Furthermore, the different patent valuations and license are explained. The patent valuations include Cost Approach, Market Approach, Income Approach and Real Option Approach, which are very useful when a company wants to buy, sell, or license the patent, as well as merge or acquire other companies.