In the age of the globalization and increased worldwide competition, many organizations and professions are looking for new ways to gain competitive advantage. Knowledge Management (KM) is a relatively major topic for this concept and Librarianship is one of the professions not only vying for a position of prominence in KM, but also whose track record in the field is widely acknowledged. This study aimed to identify, collect and critically review the research literature on the concepts of KM competencies among Library & Information Science (LIS) professionals. KM differs significantly from the theory and practice of librarianship, information management, and information resource management. It requires a new set of skills among LIS professionals if they wished to have any effective role in this domain. This will require not only enhanced self-knowledge, but also an understanding of how LIS skills can be applied in a new and often commercial context.