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Our cultural heritage has been presented on many different materials, including stone, vellum, bamboo, silk, paper and etc. these all materials for information storage had been found in physical medias. That time the attention had been focused only on preserving physical media. Now a day a variety of information exists in digital forms, including emails, blogs, social networking websites, national elections websites, web photo albums, etc.US Library of Congress, had reported(1998) that 44% of the sites available on the internet. It means technology help us to access the cultural heritage from storage of digital memory. However technology creates some opportunity as well as raise challenges also. Libraries and information professionals are now being challenged by new technology; Like multimedia, internet, www, and other virtual computer technology. The environmental, legal, ethical and technological challenges create some major issues to retrieve and preserve the digital information. So the responsibility of librarian and information technology professionals has been wider. The paramount need is to create a well-organized digital preservation strategy for modern library. The researchers have tried to define digital preservation of library resources. The present paper flew the light on the challenges of digital preservation and recommends the suitable strategy implement for digital preservation. They also focus on proposed model for strategic planning for digital preservation.