In agriculture, Intellectual Property Rights (IPRs) are essential for promoting investment and innovation, especially when it comes to creating and marketing plant varieties and biotechnological breakthroughs. The introduction of legal protections such as patents, plant breeders’ rights, trademarks, and geographical indications has transformed the agriculture sector into a knowledge-driven enterprise. This research examines the economic and legal aspects of IPR in plant commercialization. It begins with an overview of international frameworks such as the TRIPS agreement, the UPOV Convention, and the Convention on Biological Diversity, in addition to national regulations like the Farmers’ Rights Act and India’s protection of plant varieties. The economic analysis investigates how IPR impacts research and development, stimulates innovation in high-value crops and genetically modified organisms (GMOs), and modifies market dynamics through seed industry consolidation, licensing arrangements, and royalty structures. While IPR benefits breeders and agribusiness by stimulating innovation and commercialization, it also presents issues for farmers, such as increasing reliance on proprietary seeds and increased input costs. Critical difficulties such as biopiracy, access and benefit sharing, market monopolization, and ethical concerns underline the necessity for a balanced strategy. Emerging problems such as digital sequence information and climate-resilient agriculture are complicating the IPR landscape; climate change and globalization are linked.