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Now a days in most drilling operations a huge amount of money and finance is spent on drilling problems and hazards like stuck pipe, lost circulation, formation fracture and mud costs. These drilling problems result in non-productive time (NPT) and extra rig costs. These problems can be solved by controlling annular pressure profile mostly in the areas where fracture pressure and pore pressure gradient is too close, which means drilling window is narrow. Managed Pressure Drilling is a new and emerging technology that can mitigate these problems. It used specialized equipment and technology to control the annular pressure profile, this is achieved by applying a back pressure and keeping the bottom hole pressure constant at all times. Managed Pressure drilling has four main variations that are discussed in this study report and how they can be applied and implemented for mitigation of drilling hazards.