Abstract: The 1972 Liability Convention is an example of the interaction of inte rnational policy, international relations and economy. It helps define liability for damages caused by space objects. However, with more and more space activiti es taking place on a daily basis, along with the trend of commercialization, sev ere challenges have set on the continual application of the Convention. Conseque ntly, a new round of serious review of the Convention is indispensable after mor e than 30 years of its existence. The Convention with possible revision would of fer a clear guideline for decision-makers to decide cases in a rational way bes t suited to the development of space operations.