For many centuries, knowledge has been acting as the backbone of the progress of mankind but very recently it has been supplemented with the concept of management. Yet, the term knowledge management (KM) is being coined very recently and it has gained very huge popularity. Today, organizations have recognized the importance of knowledge management and are continuously working with it. The research paper is dedicated to different aspects of knowledge management and focuses on different views of the researchers on knowledge, knowledge management, KM processes, objectives, benefits, myths and errors.