This chapter discusses in detail about Knowledge Management and how Social Media tools and platforms can be used for Knowledge Management and how they can be integrated into Knowledge Management system. This chapter explains the key aspects of Knowledge Management and Social Media and how Social media can be used to capture both tacit and explicit knowledge and also to share knowledge among the communities of practice both within organizations and also outside the organizations. The chapter provides an overview of using social media to enhance knowledge management and collaboration in a corporate context and gives an insight on how firms get the most value from social media tools like wikis, blogs, microblogging, social tagging and some such similar tools in Knowledge Management. Further research directions based on the review of the literature are proposed.