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This paper probed the issues and changelogs related to the preservation of digital contents. A literature-based approach was adopted to identify the major problems related to the preservation of these unique contents. After studying the literature, it was identified that basic principles that should be kept in mind while preserving digital contents are longevity, selection, quality, integrity, and accessibility. It was found that the most critical problems and challenges faced during the digital preservation including nature of the contents keeping the data, maintaining trust in the data, coping with the data deluge, technological obsolescence, media fragility, lack of expert and copyright & intellectual property right issues, etc. It was concluded that the libraries, archives, and information centers should be equipped with ICT facilities, and the staff has the necessary skills to handle the management of digital resources and their preservation. Moreover, sufficient funds should be allocated for the procurement and preservation of digital objects.