The purpose of this paper is to throw the light on the formation of the BRICS its relevance and challenges are arising in front this international forum. This paper examines the circumstances under which this group was emerged. After the demise of the Soviet Union At the end of the Cold War the world system was completely being transformed. It was believed that world was moving towards unipolarity. America had become the supreme power after the painful demise of Soviet Union. Further debates and discussions were started on the Multipolar system in the existing world system. Russia, China, India, other developing countries and third world countries were being scared of hegemonic power of the United States and felt it to the construction of new world order in the contrast of this supreme. This paper also seeks the common responsible factors which were approaching to theses member states to form this international organization. I have tried to find out those strategic interests and common aspirations which have helped in tie the international organization. Many of times BRICS has raised international issues and problems and gained the success. BRICS has also been presenting the very good example of the south- south cooperation. These five counties have become the precursor of the new world system. This paper highlights on synergies and complementarities between the economies, focusing their role as growth drivers of the world economy. At the end part of this paper depicts the challenges which are coming in front of this grouping and views differences among the member states.