This paper considers key issues relating to the development and importance of protecting library collections that have the status of cultural property and represents a review of basic terms and divisions. The paper tries to answer the following questions: What is cultural property and what is cultural heritage? What cultural property exists? What cultural heritage exists? How cultural properties are divided on the basis of cultural significance? Which library collection can be a cultural property? Which laws regulate cultural properties and library collections as cultural assets? Who, where, and how preserve library collections as cultural assets? Who and how declares library collections as cultural property? What is the Register of Cultural Property and how to keep it? What represents the Electronic Register?Within the definition of terminology, based on the new law, attention will be paid to a new interpretation of the term cultural heritage in relation to cultural property. Also, this paper offers relevant data on the current state of affairs related to the protection of this type of material in Serbia, and show the number of declared cultural property by category. The topic of this paper arose from the need to inform as many library experts and librarians as possible about the importance of protecting this type of material because this is the base for development in this field. The paper presents the current challenges and plans for further activities in this field.