The paper deals with the existence of the coplanar libration points in the restricted three-body problem when the smaller primary is a triaxial rigid body and the infinitesimal body is of variable mass. Following small parameter method, the coordinates of collinear libration points are established whereas the coordinates of triangular libration points are established by classical method. It is found that the mass reduction factor has small effect but triaxiality parameters of the smaller primary have great effects on the coordinates of the libration points. Ishwar [3] derived the equations of motion of the circular restricted three-body problem with variable mass with the assumption that the mass of the infinitesimal body varies with respect to time. Singh and Ishwar [4] showed the effect of perturbation due to oblateness on the existence and stability of the triangular libration points in the restricted three-body problem. Das et al. [5] developed the equations of motion of elliptic restricted three-body problem with variable mass. Lukyanov [6] discussed the stability of libration points in the restricted three-body problem with variable mass. He has found that for any set of parameters, all the libration points in the problem (Collinear, Triangular) are stable with respect to the conditions considered by the Meshcherskii's space-time transformation. El Shaboury [7] had established the equa-1,0,0 µ − respectively be the coordinates of 1 P and 2 P and ( ) , , x y z be the coordinates of the infinitesimal body of variable mass m at P. The equation of motion of the infinitesimal body of variable mass m can be written as M. R. Hassan et al.