Abstract: As common inherited property, outer space is neither ownerless property, public property nor common property; mankind does not have ownership of possession, usage, benefit and punishment. The right of mankind to common inherited property resembles the usufruct right. ‘Common Inherited Property of Mankind’is not international practice, international law principle, binding law, political character or philosophy character, but an International Law concept which is still under development and has an important progress meaning, and it is a succinct generalization to the legal position of Outer Space Law.