Abstract: In today’s modern digital world, inconsistencies of behavior and attitudes surrounding privacy have been found that depend upon individuals and surrounding circumstances around them. Such inconsistencies have created a type of paradox surrounding privacy. This study attempts to review the theoretical or hypothetical and conceptual framework of privacy concerning this paradox and how privacy may be categorized into value-based and cognate based-privacy. The study further explains about what value-based privacy refers to and how it evolves from political, cultural, legal and economic perspective. The study also explains about what cognate-based privacy means and how it relates to cognition and perception and an assertion of control rather than to absolute moral value and norms. Finally, the study goes on explaining about what privacy is not and how privacy can be distinguished from anonymity, confidentiality, secrecy, security and ethics and if security and ethics is necessary for privacy.