In the contemporary era man has become much focused on implication of technology in every sector associated with human development. Knowledge being indispensable center of attention attracts the interest of the researchers to deal with its management from generation to dissemination and ultimately to proper use especially in the field of Science and Technology. A Knowledge Management System (KMS) being an amalgamation of content, experience, and process management; take care of management of knowledge as well as enabling its free flow amongst the employees working in an organization for a common goal. Therefore, the paper is an effort to discuss the concept of Knowledge Management along with a detailed theoretical framework for developing a KM System for any knowledge dealing enterprise. The study can be much helpful which acts as a torch bearer concept for all those organizations especially research institutes that are planning for implementation of such Systems hence lessen their efforts and time.