The paper aims to discuss ChatGPT and its role in academic libraries. It identifies the key areas where ChatGPT can be implemented in libraries to improve various services and the overall work experience of academics, along with the risk factors associated with ChatGPT. Research finds that ChatGPT can be aided with many library services such as collection development management, virtual reference services, digital information service and library discovery, research writing and publishing, research performance analysis and bibliometric services. It can be helpful for libraries to meet patron requirements, streamline the research process, and increase the efficiency of the library and staff. It reduces the workload of library staff to a certain extent rather than replacing the human librarians as various threats are associated with the ChatGPT, such as incorrect query responses, data protection, misuse, privacy, security, inaccessibility, limited technology comprehension and other ethical issues. It also discusses the limitations and challenges libraries may face while implementing the technology to impart various services. The importance of this study lies in the fact that it acknowledges the reality of ChatGPT and its limitations and how the library will be ready to cope with and deal with the technology in the future.