In this fast moving world of Globalisation, the World economy is getting much more service driven and knowledge oriented one. Compared to the previous era of imperialistic and localised economic growth orientation, the current trend in Global economic growth is a Trans-national one. The national barriers are reduced, supported by liberal economic policies of developing nations in South America, Asia–Pacific and the like. Especially in an IT driven economic development, Knowledge management is the need of the hour to safeguard the organisations to give themselves the Competitive edge. The paper discusses on the fundamentals of Knowledge management (KM), KM models, KM strategies, the Knowledge management life cycle, Knowledge capture techniques, Knowledge transfer, Motivation and Knowledge sharing and KM ethical issues.