The launch of Sputnik-1, the first artificial satellite, on 4 October 1957, signified an important turning point in the history of human civilisation. It triggered significant political, military, technological, and scientific advancements and heralded the dawn of the Space Age. This milestone also laid the foundation for the Space Race between the United States and the Soviet Union, as both nations competed for dominance in space exploration. Over time, the traditional space race paradigm evolved with new players, including private spaceflight entities, giving rise to a modern “New Space Race” characterized by diverse participants and broader objectives. These activities accelerate space exploration and the launching of more satellites, which generates the problem of space debris, causing significant threats to the sustainability of outer space. The risk of collision of debris in earth orbit has been escalating catastrophically, eventually leading to a chain reaction of breaking it, referred to as Kessler Syndrome. The development of ASAT technology and China's test on the FY-1C weather satellite (COSPAR 1999-025A) substantially increased the debris risk. This research is designed to analyze space debris issues regarding the existing international legal regime and its efficacy in regulating the challenges of space debris.