In this study it is written about the importance of the usage of the Holy Myrrh in the Orthodox Church. The author presents testemonies of the saint Fathers and teachers of the Church about using the Holy Myrrh in Misteries, especially in the celebration of the Sacrament of Holy Chrism (Confirmation). It is also written about the historical development of the Preparation of the Holy Myrrh and Sanctification of the Holy Myrrh from the earliest written testemonies until today, based on liturgical and canonical sources. Further on, it is discussed about who has a right to sanctify the Holy Myrrh on Thursday of Passion Week: is the a right of archibishop of an autocephalous Church or of an autonomous Church or a right of every bishop to sanctify the Holy Myrrh and use it in his own church. At the end of this study, it is written about modern act of Preparation and Sanctification of the Holy Myrrh with a list of ingredients which are used by our local Church. The point of this study is to show the teological importance of this sacred mistery and its canonical and liturgical perspective.