In recent times space exploration and technological advancements hold prominent importance, the merger of space security and international collaboration must be paid attention too. Whereby, during the recent advancements in space technologies which include the proliferation of satellite and emergence of various space programs, the non-commercial and sustainable utilization of space must be taken care of. This paper explores and access the methodologies adopted and put into motion by nation having a well-established space program to address the difficulties faced while maintaining the space security along with ongoing space explorations. This research study will also pay emphasis towards analysing the already existing legal framework which directly governs various outer space activities, international organizations, role of governments and private industry players towards shaping of governance in outer space. In order to build trust and furthering the shared objectives in outer space and resolution of disputes among nation states, emphasis on how significant and valued international cooperation and diplomacy can prove to be. The various risks factors such as deliberate actions which are testing of anti-satellite weapons and dispersion of space debris in high volumes that the assets in space encounter are explored in this research. This study also discusses about case studies that have impacted the outer space and space explorations and other space missions positively as well as negatively in past instances. This study concludes the necessity of proactive leadership and teamwork in addressing the issue of space security and the legislation of international space cooperation. Roles of significant stakeholders, implementation of future course of actions with necessary changes to guide and provide policymakers in understanding the complexity of space reforms for peaceful utilization of outer space for both current and future human race.