This thesis seeks to examine shortcomings in space law by focusing on two interconnected aspects: privatization and space debris. The aspects of privatization and space debris will be examined under the context of the Outer Space Treaty (OST) and other relevant legal instruments. Privatization and space debris are two current challenges that the OST fails to regulate efficiently. While the OST was being drafted, the international community did not foresee problems such as privatization and space debris. This is significant because we are witnessing an increase in privatization of space activities and corporations as well as a massive accumulation of dangerous space debris. While the OST grants states the power to regulate private space companies and the accretion of space debris, national laws rarely align with the OST, leading to the abuse of international space laws. We will make recommendations at the end of the thesis in an effort to revise the use of soft language in the OST to attune national laws with international laws as well as address the growing ambiguity surrounding privatization and space debris.