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It is important to study the solar wind interaction with the magnetosphere because this interaction controls space weather phenomena. The ability to develop accurate space weather forecasts depends very much on the forecaster having a good understanding of how the magnetosphere works, i.e. on having a correct paradigm. Empiricism alone is unlikely to produce accurate predictive models. Aim of study to investigate the solar and terrestrial relationship based on the events during the solar activity cycle-23. It has been observed that the occurrence rate of geoeffective events was quite high during the selected period of study and these events have produced their impact on the geomagnetic field variation by modulating it to significant levels. The solar activity events, which are found to be more geo-effective as compared to the normal solar wind plasma expulsions are hereby proposed to study on short term as well as long term basis. Geomagnetic storms are responsible for satellite damaging, communication failure, power outrage and life threatening. Today's challenge for space weather research is to quantitatively predict the dynamics of the magnetosphere.