This thesis work is devoted to a detailed study of the renormalization group invariants (RG invariants) in minimal supersymmetric standard model (MSSM). The RG invariants are those Lagrangian parameters or combinations of the parameters, which exhibit no dependence on the energy scale up to the loop order with which the renormalization group equations (RGEs) are constructed. In this work, following an introductory chapter on standard model of electroweak and strong interactions as well as supersymmetry and supersymmetric field theories, we discuss construction of renormalization group equations in supersymmetric models, in particular, the minimal supersymmetric standard model with holomorphic and non-holomorphic soft terms. We finally concentrate on construction and phenomenological implications of the RG invariants in the minimal supersymmetric standard model with and without non-holomorphic supersymmetry breaking terms.