Abstract: Virtual property is an important concept of the cyber society.Because of its dual status of both virtuality and reality，there has been a storm of controversy over the legal nature and legislation protection of virtual property.The property nature of virtual property is the premise of its legislation protection.After analyzing virtual property from the perspectives of theory of value，conflict theory and symbolic interactionism in sociology，this paper concludes that virtual property has the nature of property as it has value，and is of exclusiveness and scarcity.Therefore，the authors hold that to protect virtual property we should establish the basic laws，improve the standards of value determination，clearly define the rights and obligations of the subject and object，and set a virtual third-party.

Key words: virtual property, cyber society, dual character, nature of property, sociology analysis