In the modern semiconductor industry IP (Intellectual Property) based VLSI design is trending. This in the Semiconductor industry has become so important to enhance the production of VLSI chips. These designs are largely reusable in terms of logic function and design layout. It with Verification capability is termed as VIPs. In this article, we will try to understand the design life cycle in VLSI chip design. A semiconductor intellectual property (IP) core is most widely used by the VLSI Chip Design engineers in their own product designs, It has various aspects, In VLSI the IP is produced or being used based on the role of the design engineer. Let us understand why we need IP in VLSI, its brief history, what are the