How to set velocity of MyCharacter in upwards direction and stop at current position when their is input press and again set velocity?

So you can look for any key in your Blueprint and get an Event for that key. It had a pressed and released state. If you are looking to be professional, you want to create the inputs in Project Settings->Inputs, than call than input in your blueprint, same with the keyboard keys, but these events can have multiple triggers and are for one functions: for example Event shoot can be triggered by left mouse button and enter. You have to det up the inouts in the projects settings for yourself as mentioned above. To ensure your character gets, make sure that the character blueprint is a pawn, or a child class of pawn, for example: Character. You can see the blueprints class in the Blueprint editor Class settings tab. Also make sure that the default player pawn in the project settings is set to your character Blueprint, else you will not receive inputs. This should fix any issue with not receiving inputs on your character.