AbstractRedshifted HI 21-cm signal from the cosmic dawn and epoch of reionization evolve considerably along the LoS. We study the impact of this evolution (so called the light cone effect) on the HI 21-cm power spectrum. It is found that the LC effect has a significant impact on the 3D power spectrum and the change could be up to a factor of few. The LC effect is particularly strong during the cosmic dawn near the ‘peaks’ and ‘dips’ in the power spectrum when plotted with redshift. We also show that the 3D power spectrum, which could fully describe ergodic and periodic signal, losses out some information regarding the second order statistics of the signal as the EoR/CD 21-cm signal is non-ergodic and non-periodic along the line of sight. We show that the multi-frequency angular power spectrum (MAPS)${\mathcal {C}}_{\ell }(ν _1, ν _2)$captures all the information regarding the second order statistics of the signal even in the presence of the LC effect.