The question ‘Whether light is particle or wave’ remained unanswered since seventeenth century because the Electro Magnetic Radiations exhibit the nature of both the types: particle nature as well as wave nature. Quantum Theory has accepted Wave Particle Duality as compromise. New Quantum Theory is based on the similarity with Atoms and the Solar System. Both have nucleus of mass about 99.9% of total mass which is confined in a very small volume. According to New Quantum Theory a photon has a nucleus of concentrated mass and charge and this nucleus is not in the centre of photon but located eccentrically. Only New Quantum Theory can explain the followings for the first time in the world: - How photons exhibit dual nature, the particle nature as well as wave nature. - How a photon generates 3 Dimensional Electro Magnetic Wave. - How the phenomena of ‘Diffraction’ and ‘Interference’ actually take place. - How a beam of light bends in ‘Refraction’ by the change of medium. New Quantum Theory answers several unanswered questions of Quantum Physics.