In this dissertation we study the algebraic properties of the intersection algebra of two ideals I and J in a Noetherian ring R. A major part of the dissertation is devoted to the finite generation of these algebras and developing methods of obtaining their generators when the algebra is finitely generated. We prove that the intersection algebra is a finitely generated R-algebra when R is a Unique Factorization Domain and the two ideals are principal, and use fans of cones to find the algebra generators. This is done in Chapter 2, which concludes with introducing a new class of algebras called fan algebras. Chapter 3 deals with the intersection algebra of principal monomial ideals in a polynomial ring, where the theory of semigroup rings and toric ideals can be used. A detailed investigation of the intersection algebra of the polynomial ring in one variable is obtained. The intersection algebra in this case is connected to semigroup rings associated to systems of linear diophantine equations with integer coefficients, introduced by Stanley. In Chapter 4, we present a method for obtaining the generators of the intersection algebra for arbitrary monomial ideals in the polynomial ring.