There is no doubt that Outer Space Treaty of 1967 is the milestone for the protection of space and celestial bodies for all countries equally, and for providing regulations for guiding against damnable use of space-faring countries. Whereas, the disputes and questions are not being solved thereby on several activities of space-roaming states, further for some mystical speeches of OST expose loopholes which are not pulling the debate on space and celestial bodies rather creating more complexity. By this paper, I have tried to analyze the OST to see whether there are loopholes or not; by the studying of OST, I have noticed that there are the lack and ambiguity in the speech of the OST’s some articles which is almost obsolete at this modern era, when space-faring states are more willing on asteroids and military-tactics by centralizing space, almost in all articles the importance of the co-operation among the states have been reflected. In contrast, any space-roaming country can avoid mutual association by showing the national security excuse under domestic law. It is the time to re-think about this treaty in present tricky perspective.