Outer Space being the highest possible entity available to man has all the potentials to become a prized military strategic asset. The ever rapid advancement of Space Technology can help realize this potential of outer space, which if consolidated upon can be an apocalyptical situation for mankind. With Nation States focusing more and more on preserving their national security interests post World War II, rapid pace of militarization of outer space by major space faring nations, could lay down the foundation for a speculated World War III. The 21st Century has seen the Space faring nations engaged into a constant debate leading to a tussle between them with regard to the need for prohibition in placement of weapons in outer space. With consensus seeming impossible to be achieved in the near future, this paper tries to analyze the recent developments of the proposed legal instruments to curb the issue of weaponization of outer space and comes out with the observation of best possible option that can be chosen in the present scenario. The paper concludes with the viewpoint of a developing space power like India and the possible stance of the same on the issue of weapons in space.