This chapter explores the foundational concepts and importance of knowledge management (KM) in modern organizations, emphasizing its role in innovation, efficiency, and competitive advantage. As value creation shifts from tangible assets to intangible resources, KM emerges as a key discipline for managing knowledge assets to enhance decision-making, drive performance, and foster learning. It outlines KM's multidisciplinary approach to capturing, storing, and sharing knowledge for organizational value. Ethical concerns, such as ownership, intellectual property rights, and trust, are highlighted, acknowledging the complexities of responsible KM, especially with AI integration. The chapter concludes with a framework for ethical KM, proposing policies, training, and monitoring to foster a culture of accountability and transparency, supporting sustainable success and positioning KM as essential in strategic and ethical knowledge asset.