We are living in the era of street art. Since Nick Riggle’s pivotal work on the definition of street art, several philosophers have addressed issues in the philosophy of street art. The goal of this paper is to summarize the literature. I consider the following matters, which have been at the core of philosophical discussions on street art: demarcation, value, illegality, and the ethical foundation of intellectual property (IP) protection. In answering the question ‘What is street art?,’ philosophers have generally resisted skeptical approaches by developing a wide range of real and essentialist definitions of street art (Section 2). When considering street art’s value, I distinguish between aesthetic and non‐aesthetic centered accounts. If the former focus on the aesthetic side of our experience of street art, the latter generally place emphasis on its activist nature and political significance (Section 3). In discussing the relationship between street art and illegality, I canvas different takes on the issue. If for some scholars illegality is either a necessary or sufficient condition for street art, philosophers tend to agree that it is neither, while not denying its relevance at the level of identity and authenticity (Section 4). Finally, I consider matters of IP protection of street art. On the one hand, copyright optimists defend the view that current IP legislations may very well have a positive impact on the promotion and preservation of street art. Pessimists, on the other hand, argue that an extension of copyright privileges to works of street art is likely to jeopardize the counter‐cultural and rebellious nature of this urban art kind (Section 5).