This paper show some theoretical contributions in management area that, only recently, has been paid attention: knowledge management. This is even more important when it is the case of institutions being created and developed histori cally for that purpose, i.e.: the universities. From the point of view of these university management, specially the latinamerican ones, it seems that the moment has come to implement explicit and specific systems in order to add value the knowledgements they ar e really possessing. This paper briefly explains the challenges the universities are facing, starting from the decade of t he '90, within the context called new economy; some of the definitions and concepts explain to be starting in a common way in this management area and showing relations that these are having wit h the principle university activities.