Knowledge management (KM) deals about detecting, categorizing, structuring, protecting and promoting, an organization's valuable knowledge. It involves the process of creating an environment where new relevant knowledge can be generated and stored. One of the main concerns about KM in the modern world includes the learning of deeper skills of how to understand practices, talents, the kinds of expertise and skills required for problem solving. Hence the focus towards knowledge management for sustainability includes the three factors like people, practices and values. The practice of knowledge management in organisations is relatively low and hence emphasis is put forward in analysing and adopting the best practices in this field to make organisational knowledge sharing and collaboration more effective. Furthermore, this paper discussed the challenges associated with KM towards a sustainable development, which included independent elements of the organization like organisation structure, culture, technology and processes. Finally, this paper concludes with an overview of the organization's KM practise in today’s competitive world.