In this paper, we analysis the concept, economic effects, and theories of the protection of property rights. The results of the paper revealed that: 1) There is a consensus of opinions between economists in defining of property rights. 2) Securing property rights can led to accumulation of physical, human , and social capital, increasing savings, increasing economic efficiency, optimal resource allocation, decreasing private and public rent-seeking, and increasing economic growth and development. 3) Responsibility of property rights protection is depend on political, social, and economic conditions, and situation of economic system of a society. The results of this paper emphasized on the importance of institutional economics analysis as a complementary to traditional analysis.