In present age of computers, there are various resources for gathering information related to given query like Radio Stations, Television, Internet and many more. Among them, Internet is considered as major factor for obtaining any information about a given domain. When a user wants to find some information, he/she enters a query and results are produced via hyperlinks linked to various documents available on web. But the information that is retrieved to us may or may not be relevant. This irrelevance is caused due to huge collection of documents available on web. Traditional search engines are based on keyword based searching that is unable to transform raw data into knowledgeable representation data. It is a cumbersome task to extract relevant information from large collection of web documents. These shortcomings have led to the concept of Semantic Web (SW) and Ontology into existence. Semantic Web (SW) is a well defined portal that helps in extracting relevant information using many Information Retrieval (IR) techniques. Current Information Retrieval (IR) techniques are not so advanced that they can be able to exploit semantic knowledge within documents and give precise result. The terms, Information Retrieval (IR), Semantic Web (SW) and Ontology are used differently but they are interconnected with each other. Information Retrieval (IR) technology and Web based Indexing contributes to existence of Semantic Web. Use of Ontology also contributes in building new generation of web- Semantic Web. With the help of ontologies, we can make content of web as it will be markup with the help of Semantic Web documents (SWD's). Ontology is considered as backbone of Software system. It improves understanding between concepts used in Semantic Web (SW). So, there is need to build an ontology that uses well defined methodology and process of developing ontology is called Ontology Development.