Confidentiality is a cornerstone of international commercial arbitration, ensuring that sensitive business information remains protected throughout the dispute resolution process. Unlike litigation, arbitration offers parties a private forum to resolve conflicts without public scrutiny. However, the scope and enforceability of confidentiality obligations vary across jurisdictions and institutional rules. While many arbitral institutions impose confidentiality duties on arbitrators, parties, and tribunal proceedings, some legal systems lack explicit statutory protections. This divergence raises critical questions about balancing transparency, public interest, and party autonomy. This paper explores the legal framework governing confidentiality in international commercial arbitration, examining its significance, limitations, and the evolving jurisprudence. It also analyzes recent challenges to confidentiality, including court-ordered disclosures, third-party interests, and the growing call for transparency in investor-state arbitration. The study concludes by evaluating potential reforms to harmonize confidentiality standards while safeguarding the core principles of arbitration.