This paper provides an in-depth theoretical review and analysis for the concept of knowledge and knowledge management (KM) since it has become a common term in the 21^st century. The main objective is to highlight the different perspectives of knowledge, knowledge management and its various processes. The literature analysis revealed that the concept of knowledge can be introduced in two different contexts, it was also shown that there are several definitions of KM and different actions in the KM processes from different perspectives as some emphasised on the importance of the technological approach of KM while others specially the Eastern researchers stressed the importance on  people based approach to create a knowledge management culture. This paper will be useful for both practitioners and academics in understanding the fundamentals of knowledge management.