I draw Polygon any, how to clip it and save to shapefile.
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You use this tool to cut out a piece of one feature class using one or more of the features in another feature class as a cookie cutter. This is particularly useful for creating a new feature class—also referred to as study area or area of interest (AOI)—that contains a geographic subset of the features in another, larger feature class.
Click on the Geoprocessing button in the menubar at the top and select the clip option. Another box will come up with 3 boxes that will need to be filled out. Input features are the feature or layer that you want to clip. Clip features are the features that will be used to clip the input features. Output feature class is the name/file path the output file will be named.
You can also access the clip tool by opening ArcToolbox->Analysis tools->Extract->Clip. You can perform a batch clip by right clicking on clip and selecting batch. This will allow you to clip more than one feature at once.